Baird analyst Luke Junk lowered the firm’s price target on Cerence to $6 from $8 and keeps a Neutral rating on the shares. The firm continues to recommend a cautious sector vehicle technology and mobility stance entering Q2 earnings, saying even earnings-driven upside surprises “were short-lived” last quarter. The analyst sees the Q2 results setting up to be in line to slightly below expectations in aggregate, with the bigger question the second half-weighted nature of many auto supplier estimates versus increased back-half production risks.
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