Credit Suisse Starts Mentor Graphics (MENT) at Outperform
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Credit Suisse initiates coverage on Mentor Graphics (NASDAQ: MENT) with a Outperform rating and a price target of $34.00, citing compelling valuation and M&A optionality.
Analyst Farhan Ahmad commented, "get price. MENT is the market leader in Physical Verification and PCB design and is well poised for a cyclical recovery in CY2017. Our FY18/FY19 EPS of $2.00/$2.20 are 8%/2% above the Street, as we think the Street is underestimating the growth for the company. MENT also screens well on valuations relative to broader Semi/Semicap; we see potential for multiple expansion as the company starts to deliver on growth. MENT also screens well as a potential target for Systems Design Software companies, leading to optionality value that isn’t yet priced in. Primary risks are higher revenue variability and ongoing Semi consolidation."
Shares of Mentor Graphics closed at $28.81 yesterday.
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