Synopsys initiated with a Buy at Berenberg

Berenberg analyst Nay Soe Naing initiated coverage of Synopsys with a Buy rating and $660 price target Synopsys and Cadence Design are the largest semiconductor design solutions providers in the world, and their solutions are used exclusively and extensively in the product development stages of the semiconductor lifecycle, the analyst tells investors in a research note. The firm says they are also the main drivers of innovation in the semiconductor industry. As such, their businesses are driven by semiconductor spending, which is “highly durable and seemingly not susceptible to industry downcycles,” contends Berenberg.