Wells Fargo Van Kasper Re-Initiating Coverage on Cadence Design Systems, Inc. With Market Perform Rating

Apr 20, 2001, 01:00 ET from Wells Fargo Van Kasper

    SAN FRANCISCO, April 20 /PRNewswire Interactive News Release/ --
 Jennifer Jordan, Electronic Design Automation Software Analyst at Wells Fargo
 Van Kasper, is initiating coverage on the shares of Cadence Design Systems,
 Inc. (NYSE:   CDN $20.00) with a Market Perform rating.
     Below are quotations from Ms. Jordan's research report:
 
     -- We are re-initiating coverage on the shares of Cadence Design Systems
 with a Market Perform rating.
     -- Cadence is the market leader in electronic design automation (EDA)
 software; the company has the largest installed base of EDA tools and has
 significant product offerings across the industry.
     -- Cadence shares currently trade at 3.5x our CY01 sales estimate and at
 24.2x our CY01 EPS estimate.
     -- Given improved visibility, due to the company's subscription backlog,
 and a contract renewal cycle that should continue over the next several
 quarters, we believe that Cadence shares command a slightly higher multiple
 than they are currently trading at.
     -- We have a 12-month price target of $29.00, or 35x our CY01 EPS estimate
 of $0.83.
 
     Wells Fargo Van Kasper is a private brokerage and investment banking firm.
 Since its founding in 1978 as Van Kasper & Company, the firm has been
 providing exceptional services and original investment advice to a select
 group of investors and businesses. The firm's offices are located in Fresno,
 Los Angeles, Newport Beach, Rancho Bernardo,  San Diego, San Francisco,
 San Jose, and Walnut Creek, California, as well as Phoenix, Arizona, Portland,
 Oregon, and Salt Lake City, Utah.
     Investments made through Wells Fargo Van Kasper: (1) are not insured by
 the FDIC; (2) are not deposits or other obligations of, or guaranteed by,
 Wells Fargo Van Kasper, Wells Fargo & Company or any of its affiliates; (3)
 are not guaranteed by any Federal governmental agency (excluding U.S.
 Government and federal agency securities); and (4) are subject to investment
 risks, including possible loss of principal amount invested.
     The study on these pages is not a complete analysis of every material fact
 regarding any company, industry or security. The opinions expressed herein
 reflect the judgment of the author at this date and are subject to change
 without notice. Facts have been obtained from sources considered reliable, but
 are not guaranteed. Wells Fargo Van Kasper, its directors and employees and
 their families may have a position in the securities of the companies
 described herein, and may make purchases or sales while this report is in
 circulation. Additional information is available upon request.
 
     Wells Fargo Van Kasper is a member of the National Association of
 Securities Dealers, CRD number 7665.
 
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SOURCE Wells Fargo Van Kasper
    SAN FRANCISCO, April 20 /PRNewswire Interactive News Release/ --
 Jennifer Jordan, Electronic Design Automation Software Analyst at Wells Fargo
 Van Kasper, is initiating coverage on the shares of Cadence Design Systems,
 Inc. (NYSE:   CDN $20.00) with a Market Perform rating.
     Below are quotations from Ms. Jordan's research report:
 
     -- We are re-initiating coverage on the shares of Cadence Design Systems
 with a Market Perform rating.
     -- Cadence is the market leader in electronic design automation (EDA)
 software; the company has the largest installed base of EDA tools and has
 significant product offerings across the industry.
     -- Cadence shares currently trade at 3.5x our CY01 sales estimate and at
 24.2x our CY01 EPS estimate.
     -- Given improved visibility, due to the company's subscription backlog,
 and a contract renewal cycle that should continue over the next several
 quarters, we believe that Cadence shares command a slightly higher multiple
 than they are currently trading at.
     -- We have a 12-month price target of $29.00, or 35x our CY01 EPS estimate
 of $0.83.
 
     Wells Fargo Van Kasper is a private brokerage and investment banking firm.
 Since its founding in 1978 as Van Kasper & Company, the firm has been
 providing exceptional services and original investment advice to a select
 group of investors and businesses. The firm's offices are located in Fresno,
 Los Angeles, Newport Beach, Rancho Bernardo,  San Diego, San Francisco,
 San Jose, and Walnut Creek, California, as well as Phoenix, Arizona, Portland,
 Oregon, and Salt Lake City, Utah.
     Investments made through Wells Fargo Van Kasper: (1) are not insured by
 the FDIC; (2) are not deposits or other obligations of, or guaranteed by,
 Wells Fargo Van Kasper, Wells Fargo & Company or any of its affiliates; (3)
 are not guaranteed by any Federal governmental agency (excluding U.S.
 Government and federal agency securities); and (4) are subject to investment
 risks, including possible loss of principal amount invested.
     The study on these pages is not a complete analysis of every material fact
 regarding any company, industry or security. The opinions expressed herein
 reflect the judgment of the author at this date and are subject to change
 without notice. Facts have been obtained from sources considered reliable, but
 are not guaranteed. Wells Fargo Van Kasper, its directors and employees and
 their families may have a position in the securities of the companies
 described herein, and may make purchases or sales while this report is in
 circulation. Additional information is available upon request.
 
     Wells Fargo Van Kasper is a member of the National Association of
 Securities Dealers, CRD number 7665.
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X62368407
 
 SOURCE  Wells Fargo Van Kasper