Cantor Fitzgerald analyst Thomas Blakey initiated coverage of Cerence (CRNC) with an Overweight rating and $11 price target The firm has a positive bias toward conversational AI, particularly voice-led and natural-language-understanding technologies, and Cerence is the clear leader in the automotive voice-based technology market ex-China, the analyst tells investors in a research note. There is a meaningful long-term opportunity for Cerence to capture a greater share of software spend as automotive functionality shifts towards AI-driven user experiences, the firm argues.
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