Cadence Designs (CDNS) PT Raised to $350 at KeyBanc

KeyBanc analyst Jason Celino raised the price target on Cadence Designs (NASDAQ: CDNS) to $350.00 (from $340.00) while maintaining a Overweight rating.

The analyst commented, "We hosted a product-focused webinar with Cadence CEO Anirudh Devgan, PhD, to discuss the innovative Millennium Platform and M1 CFD Supercomputer, as well as the recently announced Z3/X3 hardware refresh. We come away with the upticked view that: 1) the CFD/overall simulation TAM could be substantially bigger than we had initially anticipated; and 2) Cadence could be even better positioned for multiyear Z3/X3 hardware refresh beginning in FY25. Based on our incrementally more positive views, we are raising our estimates for FY25 and price target to $350 on 57.5x FY25 EV/FCF. Reiterate Overweight."

You May Also Be Interested In

• DigitalOcean (DOCN) PT Lowered to $155 at UBS Following Pre-Announced Q2 Results
• Par Pacific Holdings (PARR) PT Raised to $65 at UBS, Q2 Estimates Raised
• Northland Starts Granite Ridge Resources (GRNT) at Outperform, 'Deep Discount & Moving to FCF+'