Morgan Stanley analyst Lee Simpson upgraded Cadence Design to Overweight from Equal Weight with a price target of $350, up from $260. Weak Q1 guidance is offset by strength signalled into the rest of FY24, says the firm, which expects momentum in chip design will continue into next year at least and expects investors to focus on momentum into FY24-25. Rivals are also following Cadence’s lead into simulation, which the firm thinks “vindicates” its strategy, added the analyst, who raised the firm’s earnings estimates.
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