Synopsys: Strong Profitability Prospects and Raised Price Target Amid Market ChallengesWe believe investors had been expecting a rocky FY guide given the typical post-M&A integration risks. SNPS guiding largely in-line and slightly better than the Street is certainly a pleasant surprise to us. By segment, in FY26, SNPS expects Ansys growth to remain in double digits, while EDA growth should stay below 10% for a third consecutive year due to overall industry-level growth decel, and IP growth may still be subdued due to specific foundry customer challenges. Our PT is raised to $580.