Veritone initiated with a Buy at H.C. Wainwright

H.C. Wainwright initiated coverage of Veritone (VERI) with a Buy rating and $6 price target Veritone designs, develops, and distributes enterprise AI software and its ability to translate audio or video data into a common data structure which can be used to create actionable intelligence represents “a key differentiator versus other AI software companies,” which rely almost entirely on third party large language models to generate text, the analyst tells investors. The firm believes demand for the company’s AI software should be driven by increasing volumes of digital content, as well as public sector demand for digital evidence management, the analyst tells investors.