Cerence price target raised to $13 from $6 at Craig-Hallum

Craig-Hallum analyst Jeff Van Rhee raised the firm’s price target on Cerence (CRNC) to $13 from $6 and keeps a Hold rating on the shares. The firm says that cost controls driving a beat on the quarter, with management raising profitability expectations to the upper end of the annual guide, made for a solid quarterly report.