Cadence Design price target lowered to $300 from $350 at Mizuho

Mizuho analyst Siti Panigrahi lowered the firm’s price target on Cadence Design (CDNS) to $300 from $350 and keeps an Outperform rating on the shares as part of a Q1 preview for the software sector. The firm cut price targets across the group to reflect recent software multiple compression. However, the recent selloff presents an “attractive buying opportunity,” the analyst tells investors in a research note. Mizuho expects strong Q1 reports but cautious management tones on the fiscal year. Tariffs are “unlikely to shake” core software-as-a-service fundamentals,” the analyst tells investors in a research note.