Cadence Design price target raised to $325 from $319 at Piper Sandler

Piper Sandler raised the firm’s price target on Cadence Design (CDNS) to $325 from $319 and keeps a Neutral rating on the shares. The firm says Q1 was a healthy update with a $65M organic raise to FY26 revenue and 8c raise to EPS. Guidance moves by a larger magnitude reflecting Hexagon MSC contribution, however consensus largely already reflected the assumed $160M to revenue and 28c of dilution to EPS, Piper adds. While encouraging to see the Q1 raise, the firm says its biggest takeaway is the hardware portfolio continues to impress.