Fly News Breaks for October 19, 2016
CDNS
Oct 19, 2016 | 06:20 EDT
Credit Suisse analyst Farhan Ahmad initiated Candence Design with a Neutral and a $25 price target citing premium valuation and high 2017 expectations.
News For CDNS From the Last 2 Days
CDNS
Apr 15, 2024 | 06:20 EDT
KeyBanc raised the firm's price target on Cadence Design to $340 from $335 and keeps an Overweight rating on the shares. Synopsys (SNPS) provided updated Q2 and FY24 guidance during its investor day on March 20th, but the firm believes it was easily missed that the company raised its full year growth guidance on EDA + IP strength. A positive sign for underlying EDA + IP demand, KeyBanc thinks, bodes well for Cadence and is positive into earnings. Thus, the firm sees potential for a Q1 beat and for 2024 organic growth guidance to move modestly higher. KeyBanc also sees backlog as likely to come in flattish year-over-year and a nominal contraction quarter-over-quarter, but any expansion over $6B to be viewed very positively. KeyBanc continues to view Cadence as a core holding, with substantial opportunities from AI and 3D-IC.