Cerence 20% Drop is a Buying Opportunity
<p><a href='https://financialmodelingprep.com/financial-summary/CRNC'>Cerence Inc. (NASDAQ:CRNC) </a>share price dropped more than 20% on Monday following the company’s Q4 results, which raised concerns around New Connected Services growth after a 34% quarter-over-quarter decline. 
Analysts at Berenberg Bank think this significant decline in share prices is a good opportunity to buy the stock. The analysts advised investors to keep the following key point in mind:</p>
<p>(1)	management has a track record of conservative guidance,</p>
<p>(2)	Management reiterated 2024 targets, with $700 million revenue and 37% EBITDA margins,</p>
<p>(3)	2024 targets include $155 million from nascent New Connected Services/Apps and markets, </p>
<p>(4)	The order backlog offers line of sight to a meaningful portion of targeted New Connected revenue.</p>

NASDAQ:CRNC