KeyBanc raised the firm’s price target on Cadence Design to $290 from $270 and keeps an Overweight rating on the shares after attending CadenceLive Boston and having the chance to speak with several early users of the company’s new AI-enabled EDA design portfolio. Overall, the firm comes away with incremental conviction in opportunities from AI-enabled EDA, 3D-IC, and secular drivers of hardware verification. Net, KeyBanc continues to recommend Overweight positions in EDA and views Cadence as a must-own, core decade-long growth holding.
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