Cadence Design Systems Q2 results confirm strong growth; buy rating maintained with $443/share target.

Cadence Design Systems reported strong Q2 results, showing a robust and diversified growth path with accelerating recurring revenue less reliant on hardware. New revenue streams from AI licenses and a partnership with Intel offer multi-year expansion potential. The stock remains attractively valued at 36 times PE, with an estimated price target of $443 per share driven by operating leverage and a steady recurring revenue base. The buy rating is maintained based on these positive fundamentals and growth prospects.