KeyBanc Capital increased its price target for Synopsys (NASDAQ:SNPS) from $540 to $600 per share. The firm maintained its Overweight rating on the stock ahead of the company’s earnings report on November 29.

KeyBanc anticipates that the software company will report better-than-expected results and subsequently raise its guidance. The analysts expect a possible modest revenue beat of around $5 million for Synopsys’ fourth fiscal quarter, attributing this to ongoing strength in Intellectual Property (IP) and hardware segments.

The analysts also highlighted the importance of monitoring the company’s backlog, which is expected to remain stable at around $7,100 million. Any figure above this would be considered a positive sign. Furthermore, they suggest that Synopsys is likely to provide a conservative initial revenue growth forecast for fiscal year 2024, in the range of 12-13%, and then increase this outlook as the year progresses.

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