Piper Sandler upgraded Cadence Design to Overweight from Neutral with an unchanged price target of $318. The recent selloff presents an attractive entry point “in a premier software asset with an enviable position in the semi industry,” the analyst tells investors in a research note. The firm says that once Verification deliveries ramp over the next few quarters, it expects optics of the business to improve significantly. Piper believes Cadence is a core holding.
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Read More on CDNS:
- Cadence Design price target lowered to $338 from $341 at Baird
- Cadence Design cuts FY24 EPS view to $5.77-$5.97 from $5.88-$5.98
- Cadence Design sees Q3 EPS $1.39-$1.49, consensus $1.60
- Cadence Design reports Q2 EPS $1.28, consensus $1.22
- Cadence Design options imply 4.5% move in share price post-earnings