Needham upgraded Cerence (CRNC) to Buy from Hold with a $16 price target. The firm expects the company’s new large language model-based voice assistants to drive its overall price per units higher. This comes at a time when automakers are searching for cost reductions while maintaining premium branding, the analyst tells investors in a research note. Needham says that while the upgrade is not directly linked to Cerence’s recent Nvidia (NVDA) partnership extension, it thinks the collaboration can enhance Cerence’s software capabilities near-term, and longer-term, introduces a “unique” go-to-market with edge large language models.
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