Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $420.00

Bank of America raised its price target for Cadence Design Systems (NASDAQ:CDNS) to $420 from $400, maintaining a "buy" rating, indicating a 21.44% potential upside. This comes after Cadence beat quarterly EPS estimates and saw revenues increase by 24.2% year-over-year, supported by strong AI-related demand and an $8.1 billion backlog. The company also issued optimistic fiscal year 2026 EPS guidance, reflecting continued positive analyst sentiment and growth expectations.