Credit Suisse Starts Synopsys (SNPS) at Outperform
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Credit Suisse initiates coverage on Synopsys (NASDAQ: SNPS) with a Outperform rating and a price target of $68.00, calling it a software company trading at a semi valuation.
Analyst Farhan Ahmad commented, "We are initiating coverage of SNPS with an Outperform rating and a $68 target price. Our FY17 EPS estimate is ~3% above the Street, and we see potential for multiple expansion given that the stock is trading at a ~25% discount to broader engineering software. SNPS is the largest EDA company and stands to benefit as Semi growth shifts from consumer to IAI/IoT. In addition, 25% of revenues are from Semi IP, which is growing at a 10%+ CAGR and would enable the company to grow 2 pts above the EDA industry. Risks include customer consolidation and increased competition."
Shares of Synopsys closed at $59.62 yesterday.
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