Cadence Design price target raised to $325 from $290 at KeyBanc

KeyBanc raised the firm’s price target on Cadence Design (CDNS) to $325 from $290 and keeps an Overweight rating on the shares after attending a product launch for Cadence’s new Millennium M1 platform. Essentially an “emulator” for multi-physics simulation, the Millennium M1 uses GPUs to accelerate CFD simulations to improve accuracy and cost, and address new use cases in CFD. Potentially one of the biggest advancements in CFD/multi-physics simulation technology, KeyBanc comes away from the event incrementally more positive on Cadence’s simulation offerings, especially given the recent Synopsys (SNPS)/Ansys (ANSS) acquisition.