Morgan Stanley analyst Lee Simpson initiated coverage of Cadence Design with an Equal Weight rating and $260 price target. The analyst says artificial intelligence-related themes are driving sales and margin growth for intellectual property and and design in the global semiconductors sector. Valuations look fair for Arm and Cadence, “despite some risks smoldering off screen,” while the valuation of Synopsys offers a buying opportunity at current levels.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on CDNS:
- Cadence Design expands Pfizer’s license to molecular design software
- ASML, TSM, CDNS: Missed the Chip Stock Rip? Analysts Still Love These 3 Stocks
- Cadence Design price target raised to $262 from $257 at Baird
- Cadence Design falls 5% to $229.03 after Q3 results, below-consensus Q4 guidance
- Cadence Design sees FY23 adjusted EPS $5.07-$5.13, consensus $5.09
