Needham & Company Raises Price Target on Synopsys (SNPS) Following 4Q
- Donald Trump Sworn in as 45th U.S. President
- U.S. stocks pare gains after Trump's inaugural speech
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Herbalife (HLF) Says SEC Requested Documents on Anti-Corruption Compliance in China; Reviewed with DoJ
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Needham & Company reiterated a Buy rating on Synopsys (NASDAQ: SNPS), and raised the price target to $66.00 (from $60.00), following the company's 4Q earnings report. Results, including revenue of $633.7MM and NG EPS of $0.77, exceeded consensus of $628.4MM and $0.75, respectively. SNPS provided initial F17 guidance calling for revenue of $2.57-2.60B, above consensus of $2.54B, and NG EPS of $3.16-3.23, below consensus $3.25.
Analyst Richard Valera commented, "SNPS delivered strong 4Q results, capping off a year in which the company solidly exceeded its initial revenue, EPS and CFO guidance, and it offered initial F17 guidance that we view as roughly in line with consensus adjusted for its recent acquisitions. While the company's down y/y backlog despite an increase in duration will likely raise some questions (and possibly put some pressure on the shares), we're inclined to give SNPS the benefit of the doubt given its strong recent execution track record. As such, we'd be buyers on any post-earnings weakness. We maintain our Buy and raise our PT to $66 (was $60), or ~17x ex -cash F18 NG EPS."
Shares of Synopsys closed at $60.48 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Skyworks Solutions (SWKS) PT Raised to $105 at Oppenheimer Following 1Q Report
- Web.com, Inc. (WEB) PT Raised to $25 at BWS Financial Ahead of 4Q Report
- Union Pacific (UNP) PT Raised to $120 at Aegis Capital Following Solid 4Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesNeedham & Company, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!