Cerence price target lowered to $8 from $22 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Cerence to $8 from $22 and keeps a Hold rating on the shares. Cerence cut annual guidance $50M on the topline and $47M on the bottom, as new CFO Daniel Tempesta reset expectations, the analyst tells investors in a research note. The firm thinks AI-driven results will take significant time to mature, with declining fundamentals and no imminent catalysts.