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Technology Stocks : Cadence Design Systems -- Ignore unavailable to you. Want to Upgrade?

To: linda k who wrote (521)	8/31/1999 8:23:00 PM
From: kendall harmon	Respond to of 668

CDN-text on BBRS comments today: SAN FRANCISCO, Aug 31, 1999 /PRNewswire via COMTEX/ -- The following is being issued by BancBoston Robertson Stephens, a member of the National Association of Securities Dealers, CRD number 41271: BancBoston Robertson Stephens managing director and senior electronics analyst Daniel T. Niles and electronic design automation analyst Arnab K. Chanda today upgraded Cadence Design Systems Inc. (NYSE: CDN) to a Buy rating from a Long-Term Attractive. The company, headquartered in San Jose, Calif., is the one of the largest suppliers of software tools and professional services for the EDA industry. "We are upgrading Cadence Design Systems to a Buy rating from a Long-Term Attractive based on improving fundamentals and valuation," said Niles and Chanda. "We believe that Cadence is making progress in transitioning the company towards the new time-based subscription model which we believe will improve visibility going forward. "In our view, we are entering a period of strong growth for the EDA industry, driven by a transition to deep-sub-micron technologies," said Niles and Chanda. "In addition, we believe that we are at the beginning of a multi-year recovery for semiconductors, which should improve the prospects for design tool spending by semiconductor companies. "At the current valuation, Cadence is roughly at mid-1994 levels, a 5-year valuation low," said Niles and Chanda. "We believe the stock could be at $20 in 12 months. We could see upside in product revenues in the second half of 2000 and especially 2001, given the strong fundamental drivers of the EDA industry." messages.yahoo.com