Why This Analyst Sees 28% Upside In Cerence?

RBC Capital analyst Joseph Spak upgraded Cerence Inc CRNC to Outperform from Sector Perform with a price target of $110, down from $112, implying a 28.24% upside.
The selloff in the stock related to auto concerns and SaaS/software decline looks "overdone," Spak notes.
Spak sees "little change" to the company's long-term investment story.
Spak adds that the FY24 targets for Cerence may have some "potential for upside."
Price Action: CRNC shares traded higher by 0.02% at $85.8 in the premarket session on the last check Wednesday.

Momentum98.01

Growth9.62

Quality55.51

Value14.78

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