UPDATE: Bank of America Merrill Lynch Raises PO on Cadence Design Systems to $14.50

Bank of America Merrill Lynch is out with its report today on Cadence Design Systems CDNS, raising its PO from $14 to $14.50. In a note to clients, Bank of America Merrill Lynch writes, "Cadence is the second largest provider of electronic design automation software for semiconductor design companies. We believe the reasons to own Cadence are 1) core business should benefit from a strong cyclical rebound, 2) aggressive cost restructuring and business model transition tailwind, and 3) attractive valuation, in our view. We increase our estimates to the high side of the new guidance ranges and increase our PO to $14.50 from $14 as a result." Shares of CDNS closed Thursday at $9.41, down 1.05% from Wednesday's close.