Needham analyst Charles Shi raised the firm’s price target on Cadence Design to $235 from $200 and keeps a Buy rating on the shares after its Q4 earnings beat. The company guided for hardware revenue to be front-half loaded, implying a flat revenue profile for the overall business through 2023, but there could be "meaningful upside" to Cadence’s 12%-14% outlook should the industry’s cyclical recovery arrive in the second half of the year and drive growth in its hardware business from the first half, the analyst tells investors in a research note.
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