Synopsys price target raised to $410 from $400 at Wells Fargo

Wells Fargo analyst Gary Mobley raised the firm’s price target on Synopsys (SNPS) to $410 from $400 and keeps an Overweight rating on the shares. Synopsys Q1 results, along with Cadence Design’s (CDNS) better-than-expected full year 2023 guide on Monday, show the EDA/IP market is on solid footing despite chip industry softness, the firm notes. Wells would buy on any weakness in shares.