Wall Street analyst Scott Buck with H.C. Wainwright thinks it has more room to run. Buck just issued a note maintaining his "buy" rating on the stock and ratcheted his price target from $8 to $26 per share, according to reports. That would imply another 27% upside even after the stock's recent surge higher.

SoundHound AI stock is surging amid a day of strong momentum for meme stocks. Speculative growth plays are seeing a strong rebound on the heels of recent valuation volatility, and the conversational artificial intelligence ( AI) is also getting a boost from bullish analyst coverage.

In the third quarter (for the period ended Sept. 30), SoundHound AI posted revenue of $25.1 million, an 89% year-over-year increase. The company now serves more than 200 enterprise-level customers, showcasing its diversifying business mix. For the full year, SoundHound AI expects revenue of around $84 million, marking an 83% jump from 2023.