Synopsys price target lowered to $590 from $625 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Synopsys (SNPS) to $590 from $625 and keeps an Overweight rating on the shares. A weak Q1 and fiscal year is already assumed in guidance and the firm sees little this quarter that will change this view, the analyst tells investors. The firm made “modest” changes to its earnings estimates, but trimmed its target to reflect the use of the low end of its multiple range given sales growth uncertainty.