Cerence shares are trading lower on continued weakness after the company on Thursday reported Q2 financial results and issued Q3 and FY24 revenue guidance below estimates. Also, multiple firms lowered their respective price targets on the stock.
Portfolio Pulse from Benzinga Newsdesk
Cerence shares are trading lower due to continued weakness following its Q2 financial results announcement on Thursday. The company also issued Q3 and FY24 revenue guidance below estimates, leading to multiple firms lowering their price targets on the stock.
May 10, 2024 | 4:04 pm
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Cerence's Q2 financial results and the subsequent lower revenue guidance for Q3 and FY24 have led to a decrease in its stock price, with multiple firms reducing their price targets.
The negative reaction in Cerence's stock price is directly tied to its Q2 financial performance and the lower than expected revenue guidance for the upcoming quarters. This outlook has prompted analysts to reassess the stock's value, leading to lowered price targets. Such adjustments typically result in immediate negative sentiment among investors, driving the stock price down in the short term.
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