KeyBanc raised the firm’s price target on Cadence Design (CDNS) to $355 from $350 and keeps an Overweight rating on the shares following the Design Automation Conference, or DAC, the EDA industry’s flagship user conference, where the firm had the chance to interact and attend sessions with executives and IR at Cadence and Synopsys (SNPS), as well as Siemens EDA, Dassault, Altair, and dozens of customers/partners. The general tone of the conference was upbeat, but to KeyBanc’s positive surprise, the buzz and focus around 3D-IC was much larger than anticipated, and feedback around initial customer demand for refreshed hardware offerings at Cadence and Siemens EDA appears to be strong. Net, the firm leaves DAC incrementally more positive on opportunities in EDA.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CDNS:
- Cadence Design announces ongoing collaboration with Samsung Foundry
- Cadence Design files to sell 1.74M shares of common stock for holders
- Cadence Design participates in a conference call with KeyBanc
- Silvaco initiated with a Buy at Needham
- SONY, UBER, CDNS: Which Strong-Buy-Rated Tech Stock Is Best?
Questions or Comments about the article? Write to editor@tipranks.com