Cerence price target raised to $30 from $23 at Baird

Baird analyst Luke Junk raised the firm’s price target on Cerence to $30 from $23 and keeps a Neutral rating on the shares. The analyst said we are encouraged by improved fundamental stability and strategic direction but note estimates have nonetheless reset significantly lower, and are hesitant to be more aggressive with our target multiple pending a more demonstrable growth inflection.