Cadence Design price target raised to $225 from $215 at KeyBanc

KeyBanc analyst Jason Celino raised the firm’s price target on Cadence Design to $225 from $215 and keeps an Overweight rating on the shares. Cadence closed out 2022 in style, posting better top-line and bottom-line results on broad-based strength, the firm notes. More importantly, the company issued meaningfully higher 2023 guidance and expects 12%-14% year-over-year growth, the strongest initial growth forecast in our coverage history. KeyBanc believes the stronger guidance is mainly attributed to a more upbeat outlook on hardware.