KeyBanc raised the firm’s price target on Cadence Design (CDNS) to $375 from $355 to reflect higher conviction, while keeping an Overweight rating on the shares after hosting investor meetings with CEO Anirudh Devgan and IR Richard Gu this week. The firm says that to no surprise, the main topics of discussion revolved around China, opportunities at Intel, the new Millennium M2000, and IP and hardware demand. However, one area that KeyBanc believes up ticked is around Physical AI, which could grow to a vastly large market for semiconductors, as hyperscalers, autos, and A&D companies increasingly build their own silicon for these new use cases.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CDNS:
- Cadence Design’s Promising Growth: Buy Rating Backed by Strong Hardware Outlook and Strategic Initiatives
- Cadence Design Expands Share Repurchase Program
- Cadence introduces Millennium M2000 Supercomputer featuring Nvidia Blackwell
- Cadence Design Systems: Strong Market Position and Growth Potential Amidst Conservative Outlook and Expansion Opportunities
- Cadence Design Systems Surpasses Q1 2025 Expectations