Spinoff Report
CRNC: Exits Portfolio, Returns +32% in Three Months
Cerence, Inc. (CRNC) posted strong results in first earnings following the separation from Parent company Nuance Communications, Inc. (NUAN), beating the consensus and its own guidance. The number of vehicles shipped that incorporated CRNC technology increased in FY19 over the previous year, and the company's strength looks to continue moving forward with all-time high revenues and backlogs. The stock has returned over 32% from The Edge's adjusted buy price, prompting an exit.

  • Investors Recommended to Book Profits in CRNC at Current Levels / +32% Return from Adjusted Buy Price
  • Outperformance of Consensus Estimates & Company's Own Guidance (Now Reaffirmed by the Management)
  • All-Time High Revenue & Order Backlog Demonstrates Continued Strength
  • 52% of Shipped Vehicles Incorporated CRNC Tech in FY19 (Vs 48% in FY18) / Potential Long-Term Takeover Target
  • Hits Base Case Target Price / CRNC Exits the Spinoff Model Portfolio at the End of Today's (December 30) VWAP
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