These Analysts Increase Their Forecasts On Synopsys After Strong Q3 Results

Synopsys, Inc. SNPS reported better-than-expected third-quarter financial results.

The company reported quarterly earnings of $2.88 per share, which beat the analyst consensus estimate of $2.74. The company reported quarterly sales of $1.49 billion, which beat the analyst consensus estimate of $1.48 billion.

Synopsys estimates full-year revenue growth in a range between 14% and 15%, with earnings per share growth between 24% and 25%.

The company announced that Sassine Ghazi will become CEO effective Jan. 1 and current CEO Aart de Geus will transition to the role of executive chair.

Synopsys shares gained 2% to $436.87 in today’s pre-market trading session.

These analysts made changes to their price targets on Synopsys following earnings announcement.

• Keybanc raised the price target on Synopsys from $500 to $515. Keybanc analyst Jason Celino maintained an Overweight rating.
• Baird boosted the price target on Synopsys from $491 to $505. Baird analyst Joe Vruwink maintained an Outperform rating.
• Rosenblatt raised the price target on Synopsys from $448 to $485. Rosenblatt analyst Blair Abernethy maintained a Buy rating.

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