Cadence Design price target raised to $425 from $405 at KeyBanc

KeyBanc raised the firm’s price target on Cadence Design (CDNS) to $425 from $405 and keeps an Overweight rating on the shares. The firm notes Cadence put up strong Q1 results, beating its estimates by $14M organically. More importantly, full year revenue guidance stepped up meaningfully, translating to an organic net raise of about $50M vs. KeyBanc’s prior model, after accounting for $160M in contribution to Hexagon. Cadence remains a high conviction name with several durable growth drivers, the firm adds.