Baird Starts Cadence Designs (CDNS) at Outperform

Baird analyst Jon Vruwink initiates coverage on Cadence Designs (NASDAQ: CDNS) with a Outperform rating and a price target of $93.00.

The analyst comments "Cadence products enable the design and analysis of semiconductors and electronic systems. We believe the company is well positioned to outperform in 2020 through a combination of accelerating customer development activity (+ for EDA tools), strong IP momentum (incl. AI/ML, auto, communications) and continued success in growing system-level tools. We view valuation as reasonable in comparison to other design peers with potential for further re-rating as company executes on secular growth opportunity/TAM expansion while sustaining strong profitability."

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 $78.76 yesterday.

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