Benzinga | Jul 27, 2021 01:26PM EDT

Baird Maintains Outperform On Cadence Design; Increased Price Target Implies 16% Upside

* Baird analyst Joe Vruwink raised the firm's price target on Cadence Design Systems Inc (NASDAQ:CDNS) to $168 from $160, implying a 15.9% upside, and reiterated an Outperform rating.

* The rating follows the company's strong Q2 results, raised guidance, and a CEO transition that he expects should be seamless.

* Price action: CDNS shares traded lower by 2.71% at $141.04 on the last check Tuesday.