Why Cerence Stock Popped to Record Highs
Shares of Cerence (NASDAQ: CRNC) have popped to record highs today, up by 16% as of 1:40 p.m. EDT, after getting an upgrade from Wall Street. The maker of automotive virtual assistants is expected to benefit from the ongoing shift to connected cars.
Cowen analyst Jeffrey Osborne boosted his price target on Cerence shares from $28 to $39, which represents 30% upside compared to Friday's close, while reiterating an outperform rating. While automotive purchase and upgrade cycles tend to be longer, an increasing number of new cars incorporate 3G and 4G cellular connectivity, which will inevitably evolve into 5G connectivity.
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Source Fool.com
