Cadence Design price target raised to $270 from $250 at Wells Fargo

Wells Fargo analyst Gary Mobley raised the firm’s price target on Cadence Design to $270 from $250 and keeps an Overweight rating on the shares. Given the year-to-date outperformance for shares, and considering Cadence’s Q2 B2B ratio may trend below 1.0-times, it is possible Cadence’s shares may trade weaker following Q2 results, the firm says. Wells would use weakness as a buying opportunity.