Berenberg Bank analyst Nay Soe Naing maintains $Cadence Design Systems (CDNS.US)$ with a buy rating, and maintains the target price at $320.
According to TipRanks data, the analyst has a success rate of 79.2% and a total average return of 22.2% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Cadence Design Systems (CDNS.US)$'s main analysts recently are as follows:
The performance of Cadence Design has been less than stellar in the current year. Looking ahead, a more stable and predictable recovery trajectory in the following year is anticipated to enhance performance. Sales growth is projected to be in the range of 12%-13% on an annual basis for the years 2025 and 2026. Adjustments have been made to the pro-forma EPS forecasts for these two years, with a slight decrease of around 2% to the figures, resulting in estimates of $6.81 and $7.94.
The company's third-quarter results were described as 'solid', and the previously doubted significant ramp-up for the second half of the year has materialized as management predicted. The robust revenue pace heading out of 2024 is seen as maintainable into 2025 due to the anticipated duration of the hardware product cycle, the improvement in the company's IP fundamentals, and the prospect of a rebound from China's weakness in 2024, providing a favorable comparison for the following year.
The sentiment that EDA should be considered part of the chip 'winner's circle' persists, with expectations for an uptick in sentiment and potential for a strong rebound year in 2025. The outlook for FY24 with regard to revenue and EBIT remains steady at midpoints, with more significant insights expected from the call, bolstered by positive remarks on business trends. Especially noteworthy is the robust bookings pipeline for the fourth quarter.
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