Cadence Design price target raised to $265 from $235 at KeyBanc

KeyBanc raised the firm’s price target on Cadence Design to $265 from $235 and keeps an Overweight rating on the shares. AI-based EDA tools represent the most significant technology breakthrough for the EDA industry in over 30-40 years, the analyst tells investors in a research note. AI-based EDA has the potential to further consolidate share for Cadence and power another decade of durable low-double-digit growth, the firm contends.