Synopsys (SNPS) PT Raised to $120 at Needham & Company

Needham & Company analyst Richard Valera raised the price target on Synopsys (NASDAQ: SNPS) to $120.00 (from $115.00) while maintaining a Buy rating.Valera noted the company's strong fundamentals driven by high levels of design activity in areas like AI/ML, Auto and 5G, strong momentum in the company's Software Integrity business and a tailwind from China as the country increases its investment in electronic design.

Synopsys will hold its first Analyst day in almost 4 years next week in NY. While we don’t expect any updated financial guidance at the meeting, consistent with past meetings, we still think it could be a positive for the stock.

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