Synopsys (SNPS) PT Lowered to $540 at Wolfe Research

Wolfe Research analyst Gal Munda lowered the price target on Synopsys (NASDAQ: SNPS) to $540.00 (from $700.00) while maintaining a Outperform rating.

The analyst comments "We reiterate our Outperform rating and adjust our PT to $540. SNPS shares are up 1% YTD (including the AH move), underperforming Design Software peers by 9pp (vs. S&P 500 +11% vs. IGV +12%). SNPS currently trades at 32x CY26 P/E, in line with Design Software peers. Our $540 PT implies ~35x CY26E P/E, a 25% discount to our CDNS valuation, in-line with its discount prior to the print, but on our lowered estimates. We lower our FY26/FY27/FY28 revenue estimates by 8% / 9% / 10% and our EPS estimates by 16% / 17% / 16%. We reiterate our Outperform rating and decrease our PT to $540."

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