Android app on Google Play

Needham & Company Upgrades Cadence Designs (CDNS) to Buy

January 3, 2014 7:53 AM EST Send to a Friend
Get Alerts CDNS Hot Sheet
Price: $15.05 +1.14%

Rating Summary:
    7 Buy, 1 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 26 | Down: 10 | New: 8
Trade CDNS Now!
Join SI Premium – FREE
Needham & Company upgraded Cadence Designs (NASDAQ: CDNS) from Hold to Buy with a price target of $16, saying the company can now meet or beat the 2014 consensus.

"The concerns we cited in out recent downgrade of CDNS shares - namely a premium multiple to SNPS and risk around the likely resetting of 2014 consensus estimates - have been addressed by the recent underperformance of CDNS shares vs. SNPS and MENT and a meaningful cut to 2014 Street estimates post the 3Q earnings call," analyst Richard Valera states. "We now believe CDNS 2014 consensus estimates are at a level that the company can likely meet, if not beat. As well, we see the potential for a new emulation release--most likely in late 2014--as a potential late-year catalyst."

For an analyst ratings summary and ratings history on Cadence Designs click here. For more ratings news on Cadence Designs click here.

Shares of Cadence Designs closed at $14.01 yesterday.




You May Also Be Interested In


Related Categories

Analyst Comments, Upgrades

Related Entities

Needham & Company, Earnings

Add Your Comment