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Cadence Design price target raised to $405 from $358 at KeyBanc

KeyBanc raised the firm’s price target on Cadence Design (CDNS) to $405 from $358 and keeps an Overweight rating on the shares. The firm notes Cadence reported impressive Q2 results, beating revenue handily by $21M/2%, and posted its best HW quarter on record. Notably, the company is raising its 2025 outlook by more than it beat, despite the six-week temporary restrictions headwind from China.

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