Cadence Design price target raised to $225 from $205 at BofA

BofA analyst Vivek Arya raised the firm’s price target on Cadence Design to $225 from $205 and keeps a Buy rating on the shares following the company’s beat and raise report and FY23 outlook. Though likely to decline over the next year, backlogs are at "a multi-year high" of $5.8B and margins should continue to grow year-over-year, the firm tells investors.