Piper Sandler analyst Clarke Jeffries downgraded Cadence Design (CDNS) to Neutral from Overweight with a price target of $355, up from $328. The company reported “surprisingly strong” Q2 results despite 33 days of uncertainty from U.S. export controls, the analyst tells investors in a research note. The firm says that while Cadence’s fundamentals continue to show “robust growth,” the stock’s valuation has moved beyond an attractive level.
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