Synopsys (SNPS) PT Raised to $85 at DA Davidson Following 2Q

DA Davidson raised its price target on Synopsys (NASDAQ: SNPS) to $85.00 (from $77.00) while maintaining a Buy rating. SNPS reported 2Q revenue of $680.1 million and pro-forma EPS of $0.88, ahead of the Street's mean of $672 million and $0.86, respectively. Upside in the quarter was driven largely by hardware and IP sales.

SNPS is guiding 3Q revenue of $685-$700 million and pro-forma EPS of $0.91-$0.94, versus the Street mean of $638 million and $0.73, respectively.

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