Cadence Design Systems, Inc. is a leading EDA software and semiconductor IP company with a market cap of $81.6 billion. The stock has underperformed the market, gaining 1.9% in the past year compared to the S&P 500’s 12.9% rally. CDNS has outpaced the SPDR S&P Software & Services ETF, which declined 23.5% in the last year. Analysts expect CDNS’ EPS to grow by 25.8% to $5.66 for FY2025. The consensus rating for CDNS is a “Strong Buy” based on 17 “Strong Buy” ratings, one “Moderate Buy,” and five “Holds.”

Needham analyst Charles Shi reiterated a “Buy” rating on CDNS with a $390 price target, representing a 32.9% premium to the current price. The Street-high price target of $410 suggests an upside potential of 42.2%.

Read more at Barchart.: What Are Wall Street Analysts’ Target Price for Cadence Design Systems Stock?