Agentic Opportunity to the Fore

研报英文原文证据摘录

Agentic Opportunity to the Fore

Idea

July 28, 2026 10:45 AM GMT

Morgan Stanley & Co. International plc+MCadence Design Systems Inc | North America Lee Simpson

Equity Analyst

Agentic Opportunity to the Fore Lee.Simpson@morganstanley.comShawn Kim +44 20 7425-3378

What’s Changed Shawn.Kim@morganstanley.com +44 20 7677-1018

Nigel van Putten

Cadence Design Systems Inc (CDNS.O) From To Equity Analyst

Price Target US$370.00 US$400.00 Nigel.Putten@morganstanley.com +44 20 7425-2803

Amelia M Scicluna

Beat-and-raise, record backlog and agentic EDA as an additive ResearchAmelia.Scicluna@morganstanley.comAssociate +44 20 7425-6694

growth vector. CDNS also has Intel 14A as a strategic

Cadence Design Systems Inc (CDNS.O, CDNS US)

incremental win with H2 margin investment framing FY27 upside

Semiconductors | United States of America

potential. We stay Overweight and raise our price target to Stock Rating Overweight

$400 (from $370). Industry View Attractive

Price target US$400.00

Shr price, close (Jul 27, 2026) US$338.61

Key Takeaways 52-WeekMkt cap, currRange(mn) US$416.69-262.75US$92,356

Net debt (12/26e) (mn)* US$997

CDNS delivered another beat-and-raise, with FY26 revenue growth now guided to EV, curr (mn)* US$91,835

c.19% y/y and EPS to $8.10.

* = GAAP or approximated based on GAAP

Record $8.1bn backlog reinforces visibility and supports the case for sustained Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

above-peer compounding into FY27. Sales / Revenue (US$ 5,297 6,324 7,366 8,323

mn)**

Agentic EDA is emerging as an additive growth vector, with early monetised EBITDA (US$ mn)** 2,459 3,032 3,555 4,121

EBIT (US$ mn)** 2,231 2,802 3,393 3,863

deployments and broader usage uplift across the core EDA stack. EPS (US$)** 7.14 8.31 9.81 11.43

Prior EPS (US$)** - 7.95 9.71 11.34