DA Davidson Upgrades Cadence Designs (CDNS) to Buy

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February 2, 2012 11:46 AM EST
Get Alerts CDNS Hot Sheet
Price: $373.99 +0.23%

Rating Summary:
    28 Buy, 6 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 15 | Down: 23 | New: 41
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DA Davidson's Thomas Diffely upgraded shares of Cadence Designs (NASDAQ: CDNS) from Neutral to Buy Thursday morning. The analyst boosted his price target on the stock from $11 to $14.

The upgrade follows a Q4 beat from Cadence last night after the market closed. Shares are up nearly 8 percent to $11.65 following the results.

Diffely said, "CDNS is a clear beneficiary of the positive business trends within the EDA space, but, until today, we had a Neutral rating on the stock due to rich valuation." The analyst liked "management's commitment to operational efficiency and strong projected earnings growth through 2013..."

For an analyst ratings summary and ratings history on Cadence Designs click here. For more ratings news on Cadence Designs click here.

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