Cadence Designs (CDNS) PT Raised to $425 at KeyBanc; 'Big Beat, Better Raise'

KeyBanc analyst Jason Celino raised the price target on Cadence Designs (NASDAQ: CDNS) to $425.00 (from $405.00) while maintaining an Overweight rating.

The analyst commented: "Big Beat, Better Raise; That's a 'Cadence' We Can Keep Pace With; Cadence put up strong 1Q results, beating our estimates by ~$14M organically, driven by a record HW quarter and strength across all product categories and geos. More importantly, full-year revenue guidance stepped up meaningfully, translating to an organic net raise of ~$50M vs. our prior model, after accounting for $160M in contribution for Hexagon. Management highlighted several competitive IP wins and noted agentic is becoming an important part of customer renewals and expansions. CDNS remains a high-conviction name with several durable growth drivers, leading us to raise our PT to $425."

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