Canaccord Maintains Buy, Raises Target to $30 on Nuance Communications

Canaccord reiterates its Buy rating on Nuance Communications

and raises its target to $30 as advanced speech opportunities provide upward estimate bias through 2014. Canaccord says, “Apple resets the bar...again. Nuance provides speech recognition libraries and semantic language logic to augment Apple's SIRI platform. Investors sometimes forget that SIRI is still in beta, so better functionality is yet to come. Meanwhile, there is a literal scramble by competitors to catch up.” NUAN closed at $24.48 per share on Tuesday.