Synopsys Gets Price Target Increases By Analysts After Q3 Results, Shares Gain

Synopsys, Inc. SNPS reported upbeat results for its third quarter on Wednesday.

The company also said it sees FY22 revenue of $5.060 billion to $5.090 billion, versus analysts’ estimates of $5.01 billion. The company also expects adjusted EPS of $8.80 to $8.85.

Synopsys shares rose 1.8% to $388.00 in pre-market trading.

Several analysts made changes to their price targets on Synopsys following the release of results.

• Keybanc increased price target on Synopsys from $445 to $455. However, Keybanc analyst Jason Celino maintained the stock with an Overweight.
• Needham raised Synopsys price target from $380 to $420. However, Needham analyst Charles Shi maintained the stock with a Buy rating.
• Rosenblatt boosted the price target on the stock from $390 to $405. However, Rosenblatt analyst Blair Abernethy maintained Synopsys with a Buy.