BofA raised the firm’s price target on Cadence Design (CDNS) to $330 from $315 and keeps a Buy rating on the shares. The firm believe Cadence and peer Synopsys (SNPS) offer a unique way to gain exposure to rising R&D budgets and chip complexity required for advanced AI products. Cadence reported a Q4 beat and guided calendar year 2024 revenues slightly above consensus, but guided Q1 well below, though the firm expects quarterly sales to consistently grow quarter-over-quarter, the analyst tells investors.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on CDNS:
- Cadence Design Systems (NASDAQ:CDNS) Slips after Bleak Forecast
- Options Volatility and Implied Earnings Moves Today, February 12, 2024
- CDNS Earnings this Week: How Will it Perform?
- Cadence Design price target raised to $325 from $290 at KeyBanc
- Cadence Design Systems Announces Board Chair Retirement
