Wells Fargo analyst Joe Quatrochi lowered the firm’s price target on Cadence Design (CDNS) to $375 from $410 given multiple compression across broader software, while keeping an Overweight rating on the shares. The firm notes Cadence delivered a positive beat / raise as it continues to see strong broad-based demand. Strong Q1 guide leaves Wells focused on conservatism for 2026 as Cadence reported re-accelerating recurring software demand in part via AI.
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