Needham Maintains Buy on Cerence, Lowers Price Target to $23
Portfolio Pulse from Benzinga Newsdesk
Needham analyst Quinn Bolton has maintained a Buy rating on Cerence Inc. (NASDAQ:CRNC) but has reduced the price target from $34 to $23.
November 28, 2023 | 12:38 pm
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Needham analyst reaffirms Buy rating on Cerence but lowers price target to $23, indicating a potential downside compared to the previous target of $34.
The reduction in price target by Needham suggests a reassessment of Cerence's future growth or profitability, which could lead to a negative investor sentiment in the short term. However, the maintenance of a Buy rating indicates the analyst's overall positive outlook on the company's fundamentals.
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IMPORTANCE 75
RELEVANCE 100