Cerence price target lowered to $10 from $11.50 at TD Cowen

TD Cowen analyst Itay Michaeli lowered the firm’s price target on Cerence (CRNC) to $10 from $11.50 and keeps a Hold rating on the shares. Though the firm remains constructive on the GenAI penetration story and Cerence’s positioning after the company reported a fiscal Q2 beat and revised up its FY25 EBITDA and cash flow guidance, TD notes it lowered its price target on lower auto production forecasts.