Cadence Designs (CDNS) PT Lowered to $340 at Loop Capital
Loop Capital analyst Gary Mobley lowered the price target on Cadence Designs (NASDAQ: CDNS) to $340.00 (from $360.00) while maintaining a Buy rating.
The analyst commented: "Following a better-than-expected finish to FY24 and a below-consensus FY25 outlook, we reiterate our Buy rating. To adjust for lower NTM est, we lower our PT from $360 to $340 (NOTE: new PT indicates 18% upside compared to after-hours trading).
The disappointment was clearly the FY25 revenue guidance, although not too much different than SNPS' initial FY25 initial guide. The clear positive, however, was the ~$2.6B in 4Q24 bookings, more than 2.0x the typical quarterly bookings."