Nuance Communications (NASDAQ:NUAN) Strong Even with Wozniak Misspeaking

The soaring interest in shares of Nuance Communications (NASDAQ:NUAN) by traders because of Apple (NASDAQ:AAPL) co-founder Steven Wozniak wrongly saying Apple had acquired the company, generating a run on the stock, with volume trading at almost seven times the 3-month average on Tuesday.

This was after a solid quarterly report on Monday. FBR said they're maintaining their "'Outperform/Top Pick" on Nuance.

FBR Capital said, "Last night, Nuance posted a very solid F4Q as the company beat the Street on both the top and bottom line. Importantly Nuance generated very strong cash flow in the quarter that handily beat Street expectations and should help send the bears back into their caves for a long hibernation.

"For F1Q11 (December), we are raising our total revenue estimate to $317.6 million versus our prior estimate of $312.1 million, while maintaining our pro forma EPS estimate of $0.31. For FY11, we are raising our total revenue and pro forma EPS estimates to $1.34 billion and $1.34 versus our prior estimates of $1.32 billion and $1.30. For FY12, we are introducing our total revenue and pro forma EPS estimates of $1.49 billion and $1.50."

Nuance closed Tuesday at $17.75, gaining $0.64, or 3.74 percent. FBR increased their price target on them from $21 to $22.