Nuance Communications, Inc. (NASDAQ: NUAN) ran into some profit taking after earnings on Friday. Canaccord Genuity is remaining behind the company. The firm has reiterated its BUY rating and $30.00 price target. Keep in mind that Nuance shares have not only traded above $30 but they have traded up to above $31.00.
Canaccord Genuity noted that its meeting with management reaffirmed confidence in the company’s market position and it say’s “we’re buyers on the dip.”
The firm was given demonstrations of its latest technology and trends in several industries are converging towards its natural language recognition and intelligent reasoning technology. It further noted that Nuance’s” low-end-of-the-range results and subsequent 13% sell-off present a compelling buying opportunity.”
Other solid issues… Mobile deals are getting larger and more complex; Dragon TV is gaining solid early traction; the 3M partnership is a part of reaccelerating healthcare revenues; the stock valuation is reasonable after the pullback.
The end note is that bulls could make the case for a stock in the mid- to high-$30s and the $30 target is based upon 17-times Canaccord’s expected 2013 non-GAAP earnings estimate.
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