Needham & Company Reiterates a 'Buy' on Synopsys (SNPS); Reports Solid 4QF11 Results and Surprise Acquisition of LAVA

Needham & Company reiterates a 'Buy' on Synopsys (NASDAQ: SNPS) price target of $33.00.

Needham analyst says, "SNPS capped off F11 with solid 4Q results and healthy implied bookings for the year (adjusted for the lower duration). The company also offered solid initial F12 guidance, which we think leaves some room for upside barring any dramatic change in the macro outlook. The surprise on the call was the announcement of SNPS’ plan to acquire Magma. We frankly see limited strategic value to the transaction given the substantial product overlap, but acknowledge it should be a solidly accretive financial transaction given the substantial potential op-ex synergies...We introduce F13 estimates of $1.75B/$2.17."

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 $27.97 yesterday.

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