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Investing.com - KeyBanc Capital Markets has reiterated its Overweight rating and $405.00 price target on Cadence Design Systems (NASDAQ:CDNS) following the company’s third-quarter earnings report. According to InvestingPro data, 14 analysts have recently revised their earnings estimates upward, with the stock currently trading near its 52-week high of $376.44.
The electronic design automation company reported third-quarter results that exceeded expectations by $16 million and provided fourth-quarter guidance approximately $15 million ahead of consensus estimates.
Cadence’s backlog reached a record level of $7 billion, representing a 25% year-over-year increase, with expectations for further growth by year-end.
The firm noted that while China performance was particularly strong during the quarter, some of this strength likely represented catch-up business rather than a new baseline.
KeyBanc also highlighted positive commentary regarding Cadence’s intellectual property (IP) business, which is expected to grow above the corporate average in 2026 due to continued strong demand trends.
In other recent news, Cadence Design Systems reported robust third-quarter 2025 earnings, surpassing analysts’ expectations. The company achieved earnings per share of $1.93, exceeding the forecast of $1.79, and reported revenue of $1.34 billion, slightly above the predicted $1.32 billion. This performance reflects a 10% year-over-year revenue growth, which outpaced both Rosenblatt’s and consensus estimates. Wolfe Research highlighted Cadence’s strong performance, particularly in the Intellectual Property and Hardware segments, and noted the company’s expanding backlog, now at $7 billion. Following these results, Wolfe Research raised its price target for Cadence Design Systems to $385 from $370, maintaining an Outperform rating. Meanwhile, Rosenblatt adjusted its price target to $335 from $320, keeping a Neutral rating. These developments underscore Cadence’s broad-based strength across geographies and product segments.
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