Is Cerence Stock Headed to $82?
It might seem odd that connected car specialist Cerence (NASDAQ: CRNC) has seen its shares jump by more than 150% so far this year, considering that the economy has entered a recession and the cyclical auto market is often the first to get hit under those macroeconomic circumstances, but the company has been scoring numerous design wins throughout 2020.
That includes prominent deals like powering the voice control system in Volkswagen's new ID.3 electric vehicle, as well as collaborating with NIO, often billed as the "Tesla of China." With that momentum, can Cerence shares keep climbing?
Image source: Cerence.
Source Fool.com