Cerence price target raised to $9 from $8 at Goldman Sachs

Goldman Sachs analyst Mark Delaney raised the firm’s price target on Cerence (CRNC) to $9 from $8 and keeps a Neutral rating on the shares. Cerence delivered a mixed update, with positive momentum from five OEM wins for its higher-priced xUI product and early progress in non-automotive revenue, alongside expectations for additional xUI deals and potential high-single to low-double-digit core growth, but the overall medium-term outlook remains measured given flattish backlog, stable vehicle penetration, and limited expansion in usage rates, the analyst tells investors in a research note.