Investors Taking Profits on Nuance Despite Wedbush Note
In a report published Thursday, Wedbush analyst Shyam Patil wrote that Nuance Communications (NASDAQ: NUAN) will likely power Amazon.com's (NASDAQ: AMZN) Fire TV voice search. Patil reiterated a Neutral rating and $15.00 price target on Nuance.
Wedbush remarked that Nuance's role in Fire TV's voice search shows that the company has strong mobile technology. The analyst added that this opportunity highlights new applications for the company's solutions. Patil noted that Nuance will likely get a per-device royalty and possibly a cloud services component.
Investors are taking profits despite Wedbush's note. Shares of Nuance Communications closed at $17.57 on Wednesday and the stock is currently down 3.658 percent at $16.95.
Earlier today, Wedbush analyst Michael Pachter reiterated a Neutral rating and $330.00 price target.
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