Cerence price target raised to $32 from $25 at Wedbush

Wedbush analyst Daniel Ives raised the firm’s price target on Cerence to $32 from $25 and keeps a Neutral rating on the shares. Cerence’s Q1 results were above the Street’s revenue and EBITDA expectations, indicating underlying OEM deals are gaining momentum in this difficult macro environment, the analyst tells investors in a research note. The quarter was a major step in the right direction for Cerence, but Wedbush believes the company needs to continue capitalizing on the growth and address headwinds to regain trust from the Street.