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Price target raised on LAVA

|Includes: Magma Design Automation, Inc. (LAVA)

Word is that DA Davidson analyst Thomas Diffely on Friday (2.11.2011) raised his price target on LAVA from $6.50 to $10. Interesting/gutsy move given that Magma's earnings release was only 13 days away (2.24.2011).

Diffely also covers Magma competitors Synopsys, Cadence and Mentor. Mentor is presently wrangling with investor, and Mentor shareholder, Carl Icahn. Icahn and others have expressed intent to put forth their own nominees for Mentor's board, in part as a reaction to Mentor's quitely moving its annual meeting forward, apparently in an attempt to prevent such nominations.

For an interesting update on this situation there is a video at this article:

http://dealbook.nytimes.com/2011/02/08/icahn-threatens-proxy-fight-at-mentor-graphics/