Summit Research Raises Price Target on Synopsys (SNPS) to $54 Following 3Q15 Results

Summit Research reiterated a Buy rating on Synopsys (NASDAQ: SNPS), and raised the price target to $54.00 (from $47.00), following the company's 3Q15 earnings report. SNPS reported revenue of $556M, compared to guidance of $550-560M. EPS of $0.63 beat guidance of $0.58-0.60. Management guided FY15 revenue to $2.225B-$2.240B, and EPS to $2.76-$2.78 per share.

Analyst Srini Sundararajan commented, "EDA continues to be as boring as ever, except for one thing. It has been a relatively good store of value. Prior to yesterday’s sell-off SNPS was only 0.6% off its 52 week high and now it is at 8.5% off its 52 week high. If boring is good, then EDA is the place to be."

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 $48.60 yesterday.

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