UPDATE: Wedbush Raises PT on Nuance Communications to $17.50 (NUAN)

Wedbush is out with its report on Nuance Communications (NASDAQ: NUAN), raising its PT from $17 to $17.50.

In a note to clients, Wedbush writes, "Our PT is based upon our DCF analysis, which we roll forward a quarter. This represents a 12x multiple to our CY12E pro forma EPS of $1.49. This is a slight premium to our LT EPS growth estimate of 10%. We believe this premium is justified given market leadership albeit with concerns over quality of earnings."

Wedbush maintains Underperform on NUAN.

At the time of posting, shares of NUAN were trading at $21.94, up 1.48% from Tuesday's close.