Cadence Design Systems Stock Sits in an 19% Drawdown. The Numbers Say the Market Is Wrong.

Despite Cadence Design Systems (CDNS) raising its full-year 2026 revenue growth target to 19% and reporting a record $8.1 billion backlog, its stock is trading 19% below its peak. TIKR's model suggests a fair value of $591, implying a 74% upside from the current price, indicating the market may be underestimating the company's accelerating growth and strong fundamentals. Analyst consensus also points to an average price target of $404, further supporting a positive outlook for CDNS.