Needham analyst Charles Shi has maintained their bullish stance on CDNS stock, giving a Buy rating on April 30.
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Charles Shi has given his Buy rating due to a combination of factors that highlight Cadence Design’s promising growth prospects. The discussions at the Needham Technology & Media Conference revealed a strong outlook for Cadence’s hardware business, which is expected to drive significant revenue growth. Additionally, the company’s strategic initiatives in China and its focus on expanding recurring revenue streams further bolster its financial stability and growth potential.
Another factor contributing to the Buy rating is Cadence’s opportunities with Intel, which could lead to increased demand for its products and services. The company’s ventures into custom silicon and potential mergers and acquisitions are also seen as positive steps towards enhancing its market position. These elements collectively reinforce the confidence in Cadence Design’s ability to achieve both near-term and long-term growth, justifying the Buy recommendation.
According to TipRanks, Shi is a 2-star analyst with an average return of 0.0% and a 39.72% success rate. Shi covers the Technology sector, focusing on stocks such as Cadence Design, Cohu, and Ultra Clean Holdings.
In another report released on April 30, Deutsche Bank also maintained a Buy rating on the stock with a $320.00 price target.