Cadence Design price target raised to $305 from $285 at BofA

BofA analyst Vivek Arya raised the firm’s price target on Cadence Design (CDNS) to $305 from $285 and keeps a Buy rating on the shares. The firm sees a “tricky set-up” for semiconductor stocks heading into Q3 earnings season, though it calls Compute/AI the “best neighborhood” and raised its price targets on EDA vendors Synopsys (SNPS) and Cadence to “Street highs” as it argues that chip design and IP is becoming more critical to support chip complexity and ensure cost-effective product ramps.