Cadence Design upgraded to Overweight from Neutral at Atlantic Equities

Atlantic Equities analyst Peter Sazel upgraded Cadence Design (CDNS) to Overweight from Neutral with a $200 price target after assuming coverage of the stock. Cadence and Synopsys (SNPS) command over 60% market share in the electronic design automation, or EDA, market, noted Sazel, who sees both EDA companies benefiting from a sustainable advantage in economies of scale and predictable, highly-recurring subscription revenues.