Cerence Assumed With A Buy From Sell At Goldman Sachs

Goldman Sachs analyst Mark Delaney double upgraded Cerence (CRNC) to Buy from Sell with an $82 price target after assuming coverage of the name.

Cerence is the leader in artificial intelligence voice technology for the transportation industry, and increasing attach rates for voice technology in cars and the entry into other markets like elevators and two-wheelers) will result in double-digit revenue growth, Delaney tells investors in a research note.

The analyst likes the stock's risk/reward, saying Cerence has faster revenue growth potential than most companies he covers. Recent wins and industry developments suggest that Cerence can co-exist with third party voice assistants like Siri and Alexa in the car, says Delaney.


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