Cerence Inc. (CRNC) PT Lowered to $15 at Baird

Baird analyst Luke Junk lowered the price target on Cerence Inc. (NASDAQ: CRNC) to $15.00 (from $17.00) while maintaining a Neutral rating.

The analyst commented: "Maintain Neutral rating, new $15 price target. CRNC has traded much lower to start the week (down 16% week-to-date vs. S&P 500 -1.4%), after the company filed an 8-K yesterday morning regarding an amended credit agreement including modified financial covenants. While we are awaiting a formal update from the company in conjunction with 2QF24 results (likely out the week of May 6), we believe it’s prudent to build in some conservatism to our estimates for now given the current backdrop for the stock."

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