UPDATE: Topeka Capital Markets Initiates Cadence Design Systems with Buy on Strong Competitive Position

In a report published Friday, Topeka Capital Markets analyst Suji De Silva initiated coverage on

with a Buy rating and $18.00 price target. In the report, Topeka Capital Markets noted, “We are initiating coverage of Cadence Design Systems with a Buy rating and an $18.00 price target. We are encouraged by CDNS strong competitive position and increasing product diversification in support of complex semiconductor design and development efforts. We believe that CDNS business model results in stable and predictable revenue with more than 90% of contracts signed as recurring revenue that extends out 2.5 years on average.” Cadence Design Systems closed on Thursday at $14.93.