Baird raised the firm’s price target on Cadence Design to $341 from $322 and keeps an Outperform rating on the shares. The analyst believes the company is “on the cusp” of accelerating upward estimate revisions as research and development investment picks up and new verification hardware cycle kicks in. Recent history shows that electronic design automation “can match the might of chip stocks during cyclical upturns when revenue revisions keep pace,” the analyst tells investors in a research note.
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