Oppenheimer Reiterates Outperform, Target of $30 on Nuance Communications

In a quarterly update note, Oppenheimer maintains its Outperform rating and $30 target price on Nuance Communications Inc. (NASDAQ: NUAN) as strong growth in licenses provides upside to quarter.

According to Oppenheimer, “Nuance revenue of $399.5M (up 23% YoY) beat both our $389.7M and consensus $393.3M estimates. EPS of $0.42 was a penny above our/Street on strong licensing growth and better-than-expected operating margin of 36.1%. NUAN generated $97.9M in cash flow from operations besting prior company estimates of $90M.”

NUAN closed at $23.13 per share on Tuesday.