Needham & Company Raises Price Target on Synopsys (SNPS) Following 4Q

December 1, 2016 7:18 AM EST
Get Alerts SNPS Hot Sheet
Price: $57.11 +0.48%

Rating Summary:
    4 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 31 | New: 42
Trade SNPS Now!
Join SI Premium – FREE

Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial 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."

For an analyst ratings summary and ratings history on Synopsys click here. For more ratings news on Synopsys click here.

Shares of Synopsys closed at $60.48 yesterday.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In






Related Categories

Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change

Related Entities

Needham & Company, Earnings

Add Your Comment