- Wells Fargo analyst Colin Langan upgraded Cerence Inc (NASDAQ:CRNC) from Equal-Weight to Overweight and an $85 price target, down from $91, implying a 15% upside.
- Langan noted Cerence is down about 50% from its high and 34% since reporting FY21 results and guiding below consensus for FY22.
- On the heels of the cautious FY22 guidance, Cerence announced a sudden change in leadership, promoting Stefan Ortmanns to CEO.
- With the terrible news seemingly priced in, Cerence is now trading at 7x FY22 EV/Sales, a discount to SaaS peers at 10.6x.
- Langan highlights that Cerence is trading at 14x FY23 EBITDA, in line with growth auto parts, yet Cerence has higher margins and long-term growth than these names.
- Additionally, Toyota Motor Corp’s (NYSE:TM) TMNA chose Cerence Browse, an AI-powered, cloud-based content domain, to bring the power and intelligence of internet search engines directly into Toyota and Lexus vehicles in its next-generation multimedia system. TMNA is the first automaker to deploy Cerence’s new cloud service.
- Price Action: CRNC shares traded higher by 6.86% at $73.94 on the last check Thursday.
Wiliam Blair Issues Note Regarding New Guidelines On A ImmunoGen Drug, The National Comprehensive Cancer Network Just Released New Guideline Which Include Elahere, As A Preferred Regimen
The National Comprehensive Cancer Network (NCCN) just released new guidelines (Version
1.2023) for the treatment of ovarian cancer, which include Elahere (IMGN drug) as a preferred regimen. This comes as a particular surprise to the upside,
since it occurred faster than our (and likely the Street’s) expectations. It is our view that
