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High materiality8/10

Cadence beats Q3, raises 2026 outlook; analysts lift targets

Oct 27, 2026, 7:46 AM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Beat-and-raise scenario typically reduces uncertainty and supports multiple expansion; record backlog suggests durable growth; price targets were increased by Needham and Baird, signaling broad sentiment improvement.

AI summary

What happened, with direct paths to the underlying reporting

Cadence Design Systems delivered a stronger-than-expected Q3 with revenue of $1.63B and adjusted EPS of $2.11. The company raised 2026 revenue growth to 21% and nudged full-year revenue and EPS guidance higher, underscoring broad demand for its design tools and a record backlog. The beat and guidance refresh are likely to sustain near-term strength and trigger further analyst price-target revisions.

Q3 revenue $1.63B vs $1.61B est; adjusted EPS $2.11 vs $2.04.
Raised 2026 revenue growth to 21% YoY; full-year rev guidance $6.39-6.42B, EPS $8.37-8.43.
CDNS +2.5% pre-market to $330.07; backlog described as record.
Needham lifts target to $430; Baird lifts target to $440.
Earnings beat and guidance raise underpin near-term upside with continued momentum.

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