Topeka Capital Starts Cadence Designs (CDNS) at Buy

Topeka Capital initiated coverage on Cadence Designs (NASDAQ: CDNS) with a Buy rating and a price target of $18.00.

Analyst Suji De Silva said, "We are encouraged by CDNS strong competitive position and increasing product diversification in support of complex semiconductor design and development efforts. We believe that CDNS business model results in stable and predictable revenue with more than 90% of contracts signed as recurring revenue that extends out 2.5 years on average."

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 $14.93 yesterday.

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