Synopsys price target raised to $450 from $420 at Needham

Needham analyst Charles Shi raised the firm’s price target on Synopsys to $450 from $420 and keeps a Buy rating on the shares after its Q4 earnings beat and guidance. The company sees no fundamental change to its demand, but the guidance implies a more back-half loaded year than previously expected, the analyst tells investors in a research note. The firm adds that Synopsys’ multi-year investments in digital implementation, verification and software integrity position it for sustained growth and margin expansion.