Needham & Company Maintains a 'Buy' on Cadence Designs (CNDS); Strong 4Q11 Results and Healthy Initial 2012 Outlook

Needham & Company maintains a 'Buy' on Cadence Designs (NASDAQ: CDNS) price target of $12.00.

Analyst, Richard Valera, said, "In 4Q11, Cadence continued its string of “beat and raise” quarters dating back to early 2010 with expected strength in emulation being complemented by strength in Digital and Mixed-Signal. While we expect Cadence’s margin of “beat and raise” performance could mitigate as we move into later 2012 and the benefits of the company’s license model transition and renewal pipeline refresh diminish, we nonetheless see Cadence poised to continue to deliver solid results based on its strong product portfolio and management execution."

"For 2012, revenue increases to $1.260B from $1.215B, while EPS remains unchanged at $0.66. For 2013 we initiate estimates of $1.336B and $0.82 PF EPS."

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 $10.80 yesterday.

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