Wedbush Securities Reiterates Neutral Rating, Lowers Price Target On Nuance Communications On In-Line F1Q Report

In a report published Friday, Wedbush Securities analyst Shyam Patil reiterated a Neutral rating on

, but lowered the price target from $16.00 to $15.00. In the report, Wedbush Securities noted, "Nuance reported a generally in-line F1Q (with the exception of lower net new bookings), but adjusted FY15 lower on FX, transcription and Dragon consumer. While we continue to believe that the business may be near a bottom, we are maintaining our NEUTRAL, as we believe the timeframe may have been pushed out. We continue to believe that shifting investor focus toward bookings, recurring revenue and cash flow and continued execution on these key metrics are likely the main catalysts for the stock." Nuance Communications closed on Thursday at $14.31.