UPDATE: Deutsche Bank Starts Cadence Designs (CDNS) at Buy

(Updated - September 28, 2022 5:37 PM EDT)

Deutsche Bank analyst Gianmarco Conti initiates coverage on Cadence Designs (NASDAQ: CDNS) with a Buy rating and a price target of $200.00.

The analyst comments "Our thesis for Cadence is based on digital design share growth, margin expansion with a focus on key growth initiatives, market share gains in multi-physics/CFD simulation, as well as other broader themes such as IP verification growth, crossselling benefits vs. the competition, and diversification into non-semi companies. All of these factors feed into our FY22-25 forecasts for an ~11% revenue CAGR and a ~14% EBIT CAGR. Although the market is familiar with some of these points, we believe they are not fully priced in. As such, we initiate coverage with a Buy rating."

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 $163.13 yesterday.

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