Cerence price target lowered to $12 from $13 at TD Cowen

TD Cowen lowered the firm’s price target on Cerence (CRNC) to $12 from $13 and keeps a Hold rating on the shares. The firm said a noisy financial outcome as the sizable FQ1 EBITDA beat and confirmed FY’26 guide imply a rest-of-year EBITDA shortfall versus consensus.