Cadence Design price target raised to $370 from $340 at Loop Capital

Loop Capital raised the firm’s price target on Cadence Design (CDNS) to $370 from $340 and keeps a Buy rating on the shares. Every investor should be well aware the month-long U.S. export ban for China-bound EDA should distort the company’s Q2 results and Q3 outlook, though outside the latest on-and-off U.S. export controls, Cadence Design’s licensing activity and business pipeline remain strong, with a broadly improving chip cycle further enhancing licensing activity, the analyst tells investors in a research note.