UPDATE: DA Davidson Reiterates Buy Rating on Mentor Graphics Following Strong Emulation Bookings

In a report published on Friday DA Davidson reiterated its Buy rating on Mentor Graphics Corporation MENT and also maintained its $24 price target on the company.

In the report, analysts from DA Davidson commented that, "Emulation bookings highlight record F1Q order activity. F1Q book-to-bill was >1.0x (stronger than normal seasonality), driven largely by a significant year-over- year increase in emulation orders from a growing customer base. Core EDA business trends were also strong, driven by continued design activity at the 28, 20 and 16nm nodes and preparation for the foundries anticipated FinFET ramp."

Mentor Graphics closed on Thursday at $18.12