Wells Fargo analyst Colin Langan downgraded Cerence to Equal Weight from Overweight with a price target of $6.50, down from $25. The analyst cites the company’s lower sales outlook for the downgrade. Cerence revised its 2025 targets again, now 35% below the original 2022 targets, the analyst tells investors in a research note. The firm says the low sales are pressuring margins and free cash flow. With Cerence’s recovery path “looking longer,” Wells steps to the sidelines.
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