- Raymond James analyst Brian Gesuale downgraded Cerence Inc CRNC to Market Perform from Outperform after the share price dropped from the firm's initial $115 price target.
- The current share price was 8.1% above the price target.
- Gesuale is comfortable with FY21 estimates and sees an upside.
- However, expectations for growth above market, connected revenue, and prepaid license revenue estimates in FY22 have shifted from being conservative over the past 12-months to being more reflective or even slightly optimistic of reality, Gesuale's research note stated.
- Cerence will replace Adtalem Global Education Inc ATGE in the S&P MidCap 400 on July 7 before the market open.
- Price action: CRNC shares traded lower by 4.60% at $118.60 in the market session on the last check Wednesday.
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