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CDNS Forecast

Price Forecast:

Bearish <-> Bullish

Bullish Case: CDNS continues strong growth driven by AI demand, outperforming competitors. Recent earnings support a bullish outlook, with positive sentiment reflected in high call option volumes outside a stable volatility environment.

Bearish Case: Insider selling and overvaluation risks loom, with a potential market correction indicated by recent price action. The options volume suggests caution as profitability concerns persist amidst geopolitical pressures.

Potential Outcomes:

1. 60% chance of continued bullish momentum from AI growth.

2. 25% chance of a correction driven by overvaluation concerns.

3. 15% chance the stock remains flat due to geopolitical instability.

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November 19, 2024

Cadence Design Systems Forecast

CDNS Cadence Design Systems

Price Forecast
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Correlated Assets

Assets that tend to move strongly with CDNS

ABNB Airbnb (0.71)

UCTT Ultra Clean Hldgs (0.71)

LRCX Lam Research (0.7)

DKNG DraftKings (0.65)

URBN Urban Outfitters (0.63)

Uncorrelated Assets

Assets with little price relationship to CDNS

ORCL Oracle (-0.0)

ASPN Aspen Aerogels (0.0)

FUTU Futu (-0.0)

FTI TechnipFMC (0.01)

BIDU Baidu (0.01)

Anticorrelated Assets

Assets that tend to move strongly against CDNS

GOLD Barrick Gold (-0.56)

WPC W. P. Carey (-0.6)

NOC Northrop Grumman (-0.64)

XEL Xcel Energy (-0.64)

EPR EPR Properties (-0.68)

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