UPDATE: Deutsche Bank Cuts PT to $30 on Nuance Communications; Adjusting for Higher Expenses
Deutsche Bank reiterated its Buy rating on Nuance Communications (NASDAQ: NUAN) but reduced its price target from $31 to $30.
Deutsche Bank commented, "NUAN reports 4Q12 earnings on Monday, November 19. In a seasonally strong quarter, we expect a beat on our estimate of $493m/$0.48 and consensus of $496.5m/$0.48. We expect FY13 revenue guidance above consensus since two significant acquisitions aren't factored into street estimates, but EPS below consensus from the additional interest expenses related to the new $1.05bn debt. We adjust FY13-14 estimates for the increased interest expense, still awaiting official FY13 guidance next week."
Nuance Communications closed at $20.16 on Wednesday.
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