Analysts at Roth Capital Partners turned incrementally bullish on Veritone Inc VERI and said the company is "the real deal."
Veritone's stock was hard hit this week after notable short seller Citron Research suggested Veritone is not an artificial intelligence company, but anayst Brian Alger's checks and conversations reveal a different conclusion.
The "data scientists who built and are refining AI Ware's Conductor would strongly disagree with this statement," Alger said. (See's Alger's track record here.)
There should be no doubt among investors that what Veritone is working on is "unparalleled" and "transforming businesses through the orchestration of third party ANI engines," Alger said.
Roth Capital Partners maintained a Buy on Veritone's stock with a price target boosted from $53 to $62.
There are plenty of signs that Veritone's artificial intelligence prospects and revenue growth profile are real, Alger said.
Customers like the financial media outlet CNBC initially processed just two hours of content per day, but are now working with multiple channels that run 24/7 and use broader applications across the organization, according to Roth.
"We believe there are multiple other radio and TV broadcasters in various stages of a similar sales cycle," Alger said.
Veritone is the "real deal" and is executing on a strategy it initially presented to the Street in early 2016, in the analyst's view.
The company is targeting $20 to $60 million in SaaS revenue for M&A before the end of 2017, which implies there's "transformational growth in the business coming."
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