Cerence price target raised to $6 from $3.50 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Cerence (CRNC) to $6 from $3.50 and keeps a Hold rating on the shares. Cerence reported results and guidance ahead of expectations, driving yesterday’s 100% surge, the analyst tells investors in a research note. The firm awaits incremental evidence and conviction in the forecasted forward growth as a possible opportunity to be more constructive on shares.