These Analysts Raise Their Forecasts On Cadence Design Following Better-Than-Expected Earnings

Core Insights - Cadence Design Systems, Inc. reported better-than-expected third-quarter earnings with earnings per share of $1.93, surpassing the Street estimate of $1.79 [1] - The company's quarterly revenue reached $1.38 billion, exceeding the analyst consensus estimate of $1.32 billion and showing an increase from $1.21 billion in the same period last year [1] Financial Performance - The CEO, Anirudh Devgan, announced a record backlog and broad-based strength in the business, raising the full-year revenue outlook to approximately 14% growth year-over-year [2] - The fiscal 2025 GAAP EPS guidance was lowered to a range of $3.80 to $3.86 per share, compared to the previous analyst estimate of $4.30 [2] - Revenue outlook for fiscal 2025 was raised to between $5.26 billion and $5.29 billion, slightly above the $5.24 billion estimate [2] Stock Performance - Following the earnings announcement, Cadence Design shares fell by 4.5% to $335.46 [3] - Analysts adjusted their price targets for Cadence Design after the earnings report [3] Analyst Ratings - Rosenblatt analyst Blair Abernethy maintained a Neutral rating and raised the price target from $320 to $335 [5] - JP Morgan analyst Harlan Sur maintained an Overweight rating and increased the price target from $390 to $405 [5] - Baird analyst Joe Vruwink maintained an Outperform rating and raised the price target from $390 to $418 [5]