DA Davidson analyst Thomas Diffely raised his price target on Cadence Design to $52 and kept his Buy rating after is "solid beat and raise" quarter, along with boosting its 2018 growth rate projection above that of 2017. The analyst notes the company is a "key beneficiary" of increased design activity in the emerging data driven economy, lifted by the technology waves of AI, big data, 5G, automotive, internet of things, etc. Diffely further states that Cadence Design's Cloud product portfolio gives it a first mover advantage with signs of solid customer adoption, while its execution and cash generation are also improving.

Piper Sandler lowered the firm's price target on Cadence Design to $318 from $334 and keeps a Neutral rating on the shares. The firm notes the company reported solid Q1 results, but Q2 guide came below consensus on revenue and EPS. This was at odds with commentary noting a record bookings quarter, accelerating backlog growth and the FY24 revenue guide being raised by $10M at the midpoint.