Cerence Inc. (CRNC) PT Lowered to $78 at Needham & Company

Needham & Company analyst Rajvindra Gill lowered the price target on Cerence Inc. (NASDAQ: CRNC) to $78.00 (from $165.00) while maintaining a Buy rating following the miss and lower guidance.

The firm is maintaining the Buy citing:

1) 2nd highest bookings qrt;

2) Connected revenue will still grow in FY23;

3) P/E multiple contacted 32%.

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