Needham Says Buy Cadence Designs (CDNS) on Any Weakness
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Price: $14.54 +1.25%
Rating Summary:
4 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
4 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade CDNS Now!
Needham & Company maintained a Buy rating on Cadence Designs (NASDAQ: CDNS) and raised its price target to $13.50 (from $13.00).
"In 3Q12, Cadence continued its string of 'beat and raise' quarters dating back to early 2010. We are maintaining our Buy rating by an admittedly slim margin, as we balance the rising macro headwinds and proximity to our PT against Cadence's continued strong execution and upside performances," said analyst Richard Valera.
"That said," continued Rivera, "based on initial 2013 color provided on the 3Q call, we believe higher end Street estimates will likely need to be reduced—either in the short term, or subsequent to the company issuing its initial 2013 guidance on its 4Q call."
Valera said he would look to be more aggressive on any near term weakness.
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 $12.71 yesterday, with a 52 week range of $9.73-$13.79.
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"In 3Q12, Cadence continued its string of 'beat and raise' quarters dating back to early 2010. We are maintaining our Buy rating by an admittedly slim margin, as we balance the rising macro headwinds and proximity to our PT against Cadence's continued strong execution and upside performances," said analyst Richard Valera.
"That said," continued Rivera, "based on initial 2013 color provided on the 3Q call, we believe higher end Street estimates will likely need to be reduced—either in the short term, or subsequent to the company issuing its initial 2013 guidance on its 4Q call."
Valera said he would look to be more aggressive on any near term weakness.
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 $12.71 yesterday, with a 52 week range of $9.73-$13.79.
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