Cadence Design price target raised to $340 from $332 at Baird

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.