Cerence assumed with a Hold at TD Cowen

TD Cowen assumed coverage of Cerence (CRNC) with a Hold rating and $11.50 price target The company seems well positioned to benefit from in-vehicle cognitive assistance services leveraging voice and artificial intelligence, features that will be in high demand, the analyst tells investors in a research note. TD’s Hold rating reflects the year-to-date run up in the stock, which it believes “neutralizes the near-term risk/reward.”