Cerence price target raised to $21 from $19 at Wedbush

Wedbush raised the firm’s price target on Cerence to $21 from $19 and keeps a Neutral rating on the shares. Cerence delivered its Q1 2024 results featuring top and bottom-line beats, while reaffirming full year 2024 guidance pointing to the solid visibility into its pipeline for its core business despite the difficult macro backdrop, the firm notes.