CDNS Reports Solid Q4 Results

Analysts at Needham & Co maintain their "buy" rating on Cadence Design Systems (NASDAQ: CDNS), while reducing their estimates for the company. The target price for CDNS is set to $7.50.

Cadence Design Systems has reported its Q4 EPS ahead of expectations due to lower-than-expected operating expenses. CDNS reported solid results across all metrics suggesting stability in its business.

Cadence Design Systems has issued inline guidance for 2010, suggesting an improvement in booking. Needham & Co has reduced its EPS estimate for FY2010 from $0.11 to $0.09.

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