Benzinga | Nov 29, 2021 08:31AM EST

Credit Suisse Bumps Up Synopsys Price Target By 20%

* Credit Suisse analyst John Pitzer raised the price target on Synopsys Inc (NASDAQ:SNPS) to $360 from $300, implying a 5.2% upside, and reiterated an Outperform ahead of quarterly results.

* The analyst expects Q4 modestly above expectations and Q1/fiscal 2022 mostly in line with an upward bias.

* Specifically, Pitzer expects Q4 revenue/EPS at $1.17 billion/$1.80, modestly above Credit Suisse/Street estimates of $1.15 billion/$1.78 and $1.15 billion/$1.79, respectively, and at the high end of revenue/EPS guide of $1.14 billion-$1.17 billion/$1.75-$1.80.

* Price Action: SNPS shares closed lower by 2.02% at $342.16 on Friday.