Veritone (VERI) PT Raised to $9 at H.C. Wainwright

H.C. Wainwright analyst Scott Buck raised the price target on Veritone (NASDAQ: VERI) to $9.00 (from $6.00) while maintaining a Buy rating.

The analyst commented: 'Shares of Veritone, Inc. traded higher last week, up 31.0%, versus a 2.4% increase in the Russell 2000 Index, following a corporate update on VDR bookings. The company has secured nearly $40.0M in VDR bookings, up approximately 100.0% from August levels and up from $10.0M in June. While consistent with management commentary on demand levels for VDR, these early data points were above our expectations and clearly well above investor expectations. While somewhat surprised by the magnitude of response in shares, we acknowledge the momentum in the business driven by VDR. In addition, the company's VDR solution is being deployed across an expanding roster of hyperscalers and venture-backed model developers. While the company did not provide names, they have previously included Amazon (AMZN; not rated) and NVIDIA (NVDA; not rated) as partners in their investor presentations. Following the strong performance in VERI shares, Veritone announced a capital raise, with gross proceeds of $75.0M, which will likely be used to pay down the approximately $130.0M of outstanding debt, lowering cash outflows and accelerating the path towards cash flow break-even. An improved balance sheet coupled with a return to more meaningful revenue growth beginning in 2026 should drive new interest in VERI shares. As a result, we are increasing our 2026 revenue forecast to $135.5M and increasing our valuation multiple to 5.0x 2026 revenue. This is still below high quality peers, suggesting future upside if the company continues to execute. Our price target moves to $9 from $6 previously. We remain Buy rated on VERI shares."

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