Synopsys’s Buy Rating Reaffirmed at Bank of America (SNPS)
Synopsys (NASDAQ:SNPS)‘s stock had its “buy” rating restated by stock analysts at Bank of America in a report issued on Thursday, Stock Ratings Network reports. They currently have a $48.00 target price on the stock, up from their previous target price of $45.00. Bank of America’s target price would indicate a potential upside of 17.76% from the company’s current price.
The analysts wrote, “Synopsys is the largest provider of electronic design automation (EDA) software for semiconductor design companies. In our view, the reasons to own Synopsys are: 1) the core EDA business should benefit from a strong cyclical rebound, 2) further penetration of high growth Systems and IP markets, and 3) attractive valuation.”
A number of other analysts have also recently weighed in on SNPS. Analysts at JPMorgan Chase & Co. downgraded shares of Synopsys from an “overweight” rating to a “neutral” rating in a research note on Thursday, January 30th. Separately, analysts at Needham & Company reiterated a “top pick” rating on shares of Synopsys in a research note on Friday, January 3rd. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Synopsys in a research note on Friday, December 6th. They now have a $39.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $42.50.
Synopsys (NASDAQ:SNPS) traded down 2.21% on Thursday, hitting $39.86. The stock had a trading volume of 169,543 shares. Synopsys has a one year low of $33.50 and a one year high of $41.62. The stock’s 50-day moving average is $40.40 and its 200-day moving average is $38.05. The company has a market cap of $6.152 billion and a price-to-earnings ratio of 25.80.
Synopsys (NASDAQ:SNPS) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $0.59 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.52 by $0.07. The company had revenue of $479.00 million for the quarter, compared to the consensus estimate of $480.80 million. Analysts expect that Synopsys will post $2.56 EPS for the current fiscal year.
Synopsys, Inc is engaged in providing technology solutions used to develop electronics and electronic systems.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.