Wedbush Starts Nuance Communications (NUAN) at Outperform

May 10, 2013 8:25 AM EDT
Get Alerts NUAN Hot Sheet
Price: $13.91 +0.43%

Rating Summary:
    7 Buy, 10 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 26 | Down: 29 | New: 38
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Wedbush initiated coverage on Nuance Communications (NASDAQ: NUAN) with a Outperform rating and a price target of $23.00. Despite issues that need to be resolved, analyst Shyam Patil thinks the risk/reward was favorable.

"The negative factors already appear to be reflected in estimates and valuation and we believe they are manageable for the company, therefore, we believe there is limited downside at current levels. Nuance has reduced its outlook twice in two quarters, and we believe estimates have troughed. Additionally, recent and pending sales/management changes, potential shareholder activism, $500m share buyback, and current valuation of 14x 2013 and 12x 2014 EPS are likely to provide downside support," said Patil.

For an analyst ratings summary and ratings history on Nuance Communications (NASDAQ: NUAN) click here. For more ratings news on Nuance Communications click here.

Shares of Nuance Communications closed at $18.88 yesterday.

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