Griffin Securities Upgrades Cadence Designs (CDNS) to Buy; Modesty Raising FY11-12 Estimates
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Price: $324.43 -0.12%
Rating Summary:
28 Buy, 6 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 10 | Down: 18 | New: 20
Rating Summary:
28 Buy, 6 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 10 | Down: 18 | New: 20
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Griffin Securities upgraded Cadence Designs (NASDAQ: CDNS) to Buy with a price target of $12.50.
Griffin analyst says, "While we’ve had concerns about the impact of prior cuts to R&D spending on the long-term portfolio, and product bookings still have a long way to go to get back to the $1 billion or more annual levels seen before the financial mismanagement that precipitated the events of 2008, there are at the moment, on the one hand, near-term bookings momentum and estimate increases, coupled with, on the other hand, the recent decline in the share price. Bookings performed somewhat better than we’d assumed for 2Q11, and maintenance revenues, which account for about a third of revenues, appear to be more stable."
"For 3Q11, we are revising our estimate to $281 million and $0.13 a share from $274.5 million and $0.12 a share. For 4Q11, we are revising our estimate to $291 million and $0.13 a share from $281.5 million and $0.12 a share...For FY12, we are revising our estimate to $1.208 billion and $0.67 a share from $1.169 billion and $0.62 a share."
For more ratings news on Cadence Designs click here and for the rating history of Cadence Designs click here.
Shares of Cadence Designs closed at $9.41 yesterday.
Griffin analyst says, "While we’ve had concerns about the impact of prior cuts to R&D spending on the long-term portfolio, and product bookings still have a long way to go to get back to the $1 billion or more annual levels seen before the financial mismanagement that precipitated the events of 2008, there are at the moment, on the one hand, near-term bookings momentum and estimate increases, coupled with, on the other hand, the recent decline in the share price. Bookings performed somewhat better than we’d assumed for 2Q11, and maintenance revenues, which account for about a third of revenues, appear to be more stable."
"For 3Q11, we are revising our estimate to $281 million and $0.13 a share from $274.5 million and $0.12 a share. For 4Q11, we are revising our estimate to $291 million and $0.13 a share from $281.5 million and $0.12 a share...For FY12, we are revising our estimate to $1.208 billion and $0.67 a share from $1.169 billion and $0.62 a share."
For more ratings news on Cadence Designs click here and for the rating history of Cadence Designs click here.
Shares of Cadence Designs closed at $9.41 yesterday.
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