Cerence Upgraded to Outperform at RBC Capital
<p>Analysts at RBC Capital upgraded <a href='https://financialmodelingprep.com/financial-summary/CRNC'>Cerence Inc. (NASDAQ:CRNC) </a>to outperform from sector perform, lowering their price target to $110 from $112.</p>
<p>According to the brokerage the company’s stock sell-off from its 8/11 high, which is mostly macro concern related (auto concerns and SaaS/software decline), looks overdone. The analysts see little change to the long-term story and believe the path to 2024 targets of $700 million in revenue and $260 million in EBITDA is there and see potential upside to the targets. As such, they view the current level as attractive for long-term investors.</p>

NASDAQ:CRNC