Oppenheimer Reiterates Outperform and PT of $25 on Nuance Communications (NUAN)

Oppenheimer reiterated its Outperform rating on Nuance Communications

. It has also left its price target unchanged at $25. In a research report published today, Oppenheimer stressed strong Q1 results as the reason for its decision. In the report, Oppenheimer states, "NUAN announced another positive quarter, with both revenue and EPS for the second fiscal quarter (March) coming in better than guidance and consensus. Cash flow from operations was a healthy $96M and guidance was ratcheted up. NUAN said that it is "seeing solid revenue performance across markets, very strong in healthcare, mobile and imaging business." NUAN announced the acquisition of privately held Equitrac for $157M cash (2.5X sales), which bolsters its imaging business. The quarter's solid performance coupled with the ongoing realignment of net income and cash flow further supports our view that NUAN executes well on its strategy. Reiterate our $25 PT and Outperform rating." In yesterday's trading, Nuance lost 0.64% of its value to close the day at $21.26. Its shares continued to lose ground in today's pre-market trading, falling 1.02% to $21.40.