KeyBanc lowered the firm’s price target on Synopsys (SNPS) to $555 from $690 and keeps an Overweight rating on the shares after hosting a fireside chat with the company’s CEO Sassine Ghazi and CFO Shelagh Glaser. While investors are likely to retain some caution as it relates to the growing list of China concerns, the firm was relieved to learn that Synopsys has manufacturers in several countries, and early demand has been “oversubscribed.” While the firm adjusts its price target to reflect the pullback in software valuations, given several second half of the year catalysts and with shares trading near their three-year through multiple, KeyBanc sees a compelling risk reward.
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