BofA analyst Vivek Arya raised the firm’s price target on Cadence Design to $240 from $225 and keeps a Buy rating on the shares following the company’s "slight beat" in Q1 and "modest raise" of its FY23 sales and EPS guidance. The cyclical nature of hardware/IP sales can create intra-quarter volatility, but timing of revenue is not indicative of a deceleration of beneficial secular trends the firm sees as sustainable long-term, BofA tells investors.
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Read More on CDNS:
- Cadence Design price target raised to $235 from $225 at KeyBanc
- Cadence Design raises FY23 EPS view to $4.96-$5.04, consensus $4.98
- Cadence Design sees Q2 EPS $1.15-$1.19, consensus $1.25
- Cadence Design reports Q1 EPS $1.29, consensus $1.25
- Cadence Design options imply 2.8% move in share price post-earnings