Piper Sandler lowered the firm’s price target on Cadence Design to $318 from $334 and keeps a Neutral rating on the shares. The firm notes the company reported solid Q1 results, but Q2 guide came below consensus on revenue and EPS. This was at odds with commentary noting a record bookings quarter, accelerating backlog growth and the FY24 revenue guide being raised by $10M at the midpoint.
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