Baird raised the firm’s price target on Cadence Design (CDNS) to $340 from $332 and keeps an Outperform rating on the shares. The firm contends that EDA should not be excluded from chip “winner’s circle,” sentiment has room to improve and like opportunity for rebound year in 2025. FY24 outlook for revenue/EBIT reiterated at midpoints, bigger learnings come from the call and upbeat commentary on business trends. In particular, 4Q bookings pipeline notably strong.
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Read More on CDNS:
- Closing Bell Movers: VF Corp. surges after quarterly results
- CDNS Earnings: Cadence Design Systems Stock Rises 6% as Sales and Profit Beat Forecasts
- Cadence Design reports Q3 EPS $1.64, consensus $1.44
- Cadence Design sees FY24 EPS $5.87-$5.93, consensus $5.89
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