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Cadence Design price target raised to $390 from $330 at JPMorgan

JPMorgan raised the firm’s price target on Cadence Design (CDNS) to $390 from $330 and keeps an Overweight rating on the shares. The company reported strong June quarter results despite the temporary China export control restrictions, the analyst tells investors in a research note. The firm believes Cadence also issued a solid outlook for the September quarter amid a record backlog as advanced chip design activity accelerates.

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