Cadence Design price target raised to $250 from $215 at Rosenblatt

Rosenblatt analyst Blair Abernethy raised the firm’s price target on Cadence Design to $250 from $215 and keeps a Buy rating on the shares ahead of the company reporting Q2 results after market close on Monday, July 24. The firm’s unchanged Q2 revenue estimate of $976.5M remains in-line with Cadence’s guidance of $960M-$980M, notes the analyst, who expects the quarter to show continuing supportive semiconductor and systems design activity levels, hardware growth, and increasing contributions from Cadence’s AI-driven and simulation product portfolio.