Synopsys price target raised to $470 from $445 at Stifel

Stifel analyst Ruben Roy raised the firm’s price target on Synopsys to $470 from $445 and keeps a Buy rating on the shares following the Q3 results. Synopsys reported Q3 revenue above the high end of guidance across key metrics, and the firm thinks longer-term growth and profitability metrics will improve as the strategy and industry dynamics play out, the analyst tells investors in a research note. Stifel also views the CEO transition, which was somewhat expected, positively.