Cerence Inc. forged a contract worth $149 million with a sizeable European automaker for its connected, conversational AI automotive assistant products. “This milestone deal marks another important moment for Cerence as we accelerate growth and sustain momentum with automotive customers,” said CEO Stefan Ortmanns. Cerence develops mobility-based solutions for drivers and their cars. It generates revenue…
Cerence Stock Gains on Signing $149 Million Contract With European Automaker
Why Are Cerence Shares Trading Higher Today?
Wells Fargo analyst Colin Langan upgraded Cerence Inc. from Equal-Weight to Overweight and an $85 price target, down from $91, implying a 15 percent upside. Langan noted Cerence is down about 50 percent from its high and 34 percent since reporting FY21 results and guiding below consensus for FY22. On the heels of the cautious FY22 guidance, Cerence announced a sudden change…
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