Tech Stocks Soar: Cadence Leads with Impressive Q3, Synopsys Surges on Revenue Growth
Market BriefTuesday, Oct 29, 2024 6:30 pm ET
1min read1. Cadence Design Systems (Nasdaq: CDNS)
Cadence Design Systems surged by 12.53%. Cadence Design reported Q3 fiscal 2024 results, exceeding expectations with adjusted EPS of $1.64 and revenue of $12.2 billion. Needham maintains a Buy rating with a $315 target, while Mizuho initiates coverage at Outperform with a $325 target.
2. Synopsys (Nasdaq: SNPS)
Synopsys surged by 6.66%. Synopsys' Q3 2024 revenue rose 16.64% year-over-year to $44.91 billion. Piper Sandler, Needham, and Berenberg have maintained favorable ratings with varying price targets. Mizuho initiates coverage with an Outperform rating and a $650 price target. A $340 billion semiconductor deal faces investigation.
3. Welltower (NYSE: WELL)
Welltower gained solidly by 5.22%. Welltower will release its Q3 2024 financial results on October 28. Wells Fargo downgraded Welltower to Equal-Weight, setting a price target of $135.00. Scotiabank and Evercore ISI maintain positive ratings, with price targets of $133.00 and $114.00, respectively.
4. Waste Management (NYSE: WM)
Waste Management gained solidly by 5.21%. Waste Management reported Q3 net profit growth of 18.82% with revenue of $161.70 billion for the first three quarters of fiscal 2024. Scotiabank initiated coverage with a sector perform rating and a $220 price target. William Blair rated it outperform, while Oppenheimer maintained outperform with a $224 target.
5. Monolithic Power Systems (Nasdaq: MPWR)
Monolithic Power Systems gained solidly by 4.8%. Monolithic Power has received buy ratings from Rosenblatt and Stifel, with target prices set at $880 and $1100 respectively. The company is also reporting significant insider trading activities and plans to announce its third-quarter financial results on October 30, 2024.
Cadence Design Systems surged by 12.53%. Cadence Design reported Q3 fiscal 2024 results, exceeding expectations with adjusted EPS of $1.64 and revenue of $12.2 billion. Needham maintains a Buy rating with a $315 target, while Mizuho initiates coverage at Outperform with a $325 target.
2. Synopsys (Nasdaq: SNPS)
Synopsys surged by 6.66%. Synopsys' Q3 2024 revenue rose 16.64% year-over-year to $44.91 billion. Piper Sandler, Needham, and Berenberg have maintained favorable ratings with varying price targets. Mizuho initiates coverage with an Outperform rating and a $650 price target. A $340 billion semiconductor deal faces investigation.
3. Welltower (NYSE: WELL)
Welltower gained solidly by 5.22%. Welltower will release its Q3 2024 financial results on October 28. Wells Fargo downgraded Welltower to Equal-Weight, setting a price target of $135.00. Scotiabank and Evercore ISI maintain positive ratings, with price targets of $133.00 and $114.00, respectively.
4. Waste Management (NYSE: WM)
Waste Management gained solidly by 5.21%. Waste Management reported Q3 net profit growth of 18.82% with revenue of $161.70 billion for the first three quarters of fiscal 2024. Scotiabank initiated coverage with a sector perform rating and a $220 price target. William Blair rated it outperform, while Oppenheimer maintained outperform with a $224 target.
5. Monolithic Power Systems (Nasdaq: MPWR)
Monolithic Power Systems gained solidly by 4.8%. Monolithic Power has received buy ratings from Rosenblatt and Stifel, with target prices set at $880 and $1100 respectively. The company is also reporting significant insider trading activities and plans to announce its third-quarter financial results on October 30, 2024.
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