Wedbush analyst Daniel Ives lowered the firm’s price target on Cerence to $19 from $31 and keeps a Neutral rating on the shares. While the company delivered good FY24 revenue and adjusted EBITDA guidance, it will be overshadowed by the large legacy contract write-down that is accelerating results for Q1 2024, the firm says. Overall, while it appears as management is seeing solid visibility into its pipeline, however, the company needs to continue capitalizing on the demand for AI solutions and address headwinds and smooth out business model transitions to regain trust from the Street, says Wedbush.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on CRNC:
- Cerence price target lowered to $23 from $35 at TD Cowen
- Cerence materially guiding down previous 2025-26 outlook, says Evercore ISI
- Cerence targets FY25 revenue excluding Legacy $310M-$330M
- Cerence (NASDAQ:CRNC) Gains on Strong Q4 Revenue Growth
- Cerence Announces Fourth Quarter and Fiscal Year 2023 Results