Cadence (CDNS) Acquisition of Will Expand Position in IP Design
Tweet Send to a FriendGet Alerts CDNS Hot Sheet
Price: $14.71 +0.48%
Rating Summary:
4 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
4 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Trade CDNS Now!
Griffin Securities today maintained a Buy rating on Cadence Designs (NASDAQ: CDNS) with a price target of $16.00. Yesterday the company announce a $380 million acquisition of Tensilica.
Commenting on developments, anayst Jay Vleeschhouwer said, "The purchase will significantly expand Cadence's position in design IP, and enhance its ability to cover multiple end-markets for IP, including mobile/wireless, automotive, and network infrastructure. The specific functions provided by Tensilica should complement, at a minimum, the custom IC (analog/mixedsignal) tools and workflows in which Cadence predominates."
The purchase of Tensilica will take Cadence's IP revenues to over $100 million, noted the analyst, although that would still be smaller than Synopsys' (Nasdaq: SNPS) IP & systems business.
For an analyst ratings summary and ratings history on Cadence Designs (NASDAQ: CDNS) click here. For more ratings news on Cadence Designs click here.
Shares of Cadence Designs closed at $14.58 yesterday, with a 52 week range of $9.73-$14.81.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Commenting on developments, anayst Jay Vleeschhouwer said, "The purchase will significantly expand Cadence's position in design IP, and enhance its ability to cover multiple end-markets for IP, including mobile/wireless, automotive, and network infrastructure. The specific functions provided by Tensilica should complement, at a minimum, the custom IC (analog/mixedsignal) tools and workflows in which Cadence predominates."
The purchase of Tensilica will take Cadence's IP revenues to over $100 million, noted the analyst, although that would still be smaller than Synopsys' (Nasdaq: SNPS) IP & systems business.
For an analyst ratings summary and ratings history on Cadence Designs (NASDAQ: CDNS) click here. For more ratings news on Cadence Designs click here.
Shares of Cadence Designs closed at $14.58 yesterday, with a 52 week range of $9.73-$14.81.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Deutsche Bank Upgrades Seagate (STX) to Buy; Sanmina (SANM) Cut to Sell, Flextronics (FLEX) & Fabrinet (FN) Cut to Hold
- Topeka Capital Starts Spansion (CODE) at Buy
- Hewlett-Packard (HPQ) Q2 Performance Wins Praise on Wall Street; Jefferies Raises to Hold
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS View
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
