UPDATE: Wedbush Raises PT to $18 on Nuance Communications

A report from Wedbush reiterates its Underperform rating and raises its price target from $17.50 to $18 on Nuance Communications (NASDAQ: NUAN).

The report states, “While we like Nuance's focus on speech, given continued weak cash flow, moderate organic growth, and premium valuation, we expect shares to underperform peers. Furthermore, we believe Nuance participates in several competitive markets, although we believe the company has shored up its position in the automatic speech recognition (ASR) market.”

NUAN closed yesterday at $23.13.