Cadence Design gains after 2025 forecasts raised, Wall Street PT boosts

Shares of Cadence Design Systems CDNS.O up 5.2% to $300.47 on Tues after co raised annual rev and profit forecasts and analysts hiked their PTs

San Jose, California-based firm late Mon said now sees 2025 rev of $5.15-$5.23 bln, betting on resilient demand from chip firms even as tariff concerns persist

Co's anticipated full yr adj EPS of $6.75-$6.83 was increased from prior forecast of $6.65-$6.75

BofA Global Research reiterated 'buy" rating and bumped its PT by $30 to $350

Continue to like CDNS as top EDA (electronic design automation) pick due to resilient double-digit sales growth levered to rising chip complexity, and opportunity to grow share at $1 bln of incremental addressable opportunity at Intel and Samsung, BofA wrote in note

JP Morgan reiterated 'overweight', moved its PT up by $5 to $330

While co projects 2025 China rev to be flat, JP Morgan says it believes there is "strong design activity" in the country, which could potentially lead to rev upside as the year progresses

Among other PT raises: Rosenblatt went to $300, Deutsche to $320 and Mizuho to $325

Of 21 brokerages covering CDNS, recommendation breakdown is 18 "strong buy" or "buy", 2 "hold" and 1 "strong sell"; median PT of $325 up from $335 a month ago - LSEG data

With move on Tues, stock flat YTD vs 11.5% decline in S&P 500 Tech sector .SPLRCT and ~10% drop in Nasdaq Composite .IXIC