Canaccord Genuity Reiterates Buy Rating, $22 PT on Nuance Communications on Possible Bottom in Growth Declines

In a report published Tuesday, Canaccord Genuity analyst Richard Davis reiterated a Buy rating and $22.00 price target on

. In the report, Canaccord Genuity noted, “As cathartic as it would be to scream and downgrade NUAN shares on what we have been telling investors would be a middling quarter, the fact is that we strongly believe this would be a classic sell-side move – to downgrade at the bottom. We believe NUAN will look like CTCT 12-18 months from now – which means that epic despondency will reverse to at least reluctant admission that the firm has value. For those investors who are able to own stocks on that duration, we believe NUAN shares are worth retaining if not adding to as the consensus panics.” Nuance Communications closed on Monday at $15.99.