Cadence replaces Arm as Top Pick at Morgan Stanley
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Morgan Stanley has named Cadence as its top pick in the semiconductor design sector, replacing Arm due to Cadence's strong operating leverage and high recurring revenues. Despite challenges in the sector, including declining AI-related spending and uncertainties in China, Morgan Stanley sees long-term value. They have lowered Arm's price target from $175 to $150, citing litigation risks and slow adoption of its v9 architecture. The firm remains optimistic about growth in 2026, driven by improving demand and a recovering macroeconomic environment.
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