Synopsys (SNPS) PT Raised to $620 at Needham

Needham analyst Charles Shi raised the price target on Synopsys (NASDAQ: SNPS) to $620.00 (from $580.00) while maintaining a Buy rating.

The analyst commented: "Last week, Synopsys hosted an overwhelmingly positive Investor Day. We liked virtually everything we heard, until the GPT-Synopsys announcement sent us scrambling to understand exactly what it is and, more importantly, what it means for SNPS and the EDA industry. We spent the following week speaking to EDA experts and end users, and concluded that GPT-Synopsys may not be a slam dunk as the initial market reaction would suggest. We think the AI EDA landscape is undergoing a shakeup, and the jury is still out on what will be the ultimate AI EDA leader. That being said, this remains one of the best Investor Days we have attended so far, with EDA/IP re-acceleration and SNPS' discount valuation still making SNPS a compelling case for investment. With this note, our estimates are rolled to CY28, Our PT is raised to $620. Maintain Buy."

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