Cadence Designs (CDNS) Bullish Stance Reiterated at Piper Jaffray following DAC
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Piper Jaffray analyst Ruben Roy reiterated an Overweight rating and $21 price target on Cadence Designs (NASDAQ: CDNS) saying investors should buy the shares following their meetings with industry participants and EDA vendors at the Design Automation Conference.
Roy commented, "We attended the Design Automation Conference (DAC) and held meetings with public and private EDA companies as well as with
a number of semiconductor industry participants. We continue to see a diverse group of developing secular drivers to growth for the EDA companies, perhaps the most important of which is the increasing complexity of chip designs as process node shrinks continue at a rapid pace in conjunction with increasing levels of integration into System on Chip (SoC) designs. We view CDNS positively in this backdrop given market share momentum, position in the ARM 64-bit design flow and solid momentum of recently introduced products with more on the way."
Shares of Cadence Designs closed at $16.44 yesterday.
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