Piper Sandler Upgrades “Overweight” from Neutral on Synopsys, Inc. (SNPS)

Synopsys, Inc. (NASDAQ:SNPS) is among the Best Semiconductor Stocks.

On June 23, Piper Sandler upgraded Synopsys, Inc. (NASDAQ:SNPS) to “Overweight” from Neutral. The analyst raised the price target to $550 from $450 on the shares.

Analyst Clarke Jeffries said the firm expects a faster-than-anticipated recovery in Synopsys’ intellectual property business. The analyst noted improving expectations for Intel’s 18A-P manufacturing node as a practical alternative to constrained Taiwan Semiconductor Manufacturing capacity. Jeffries said that the shift could speed up the recovery of intellectual property demand at Intel, which is Synopsys’ largest customer.

Earlier, on May 27, Reuters reported that Synopsys, Inc. (NASDAQ:SNPS) reached a settlement with Elliott Investment Management, appointing managing partner Jesse Cohn to its board and expanding the board to 11 members.

The chip design software maker ​said Cohn will also join the corporate governance and nominating committee. Cohn said the firm is in the right direction to benefit from rising AI investment and growing engineering complexity.

Reuters also reported that Elliott pushed for stronger margins and financial execution after building a multibillion-dollar investment in the corporation.

Synopsys, Inc. (NASDAQ:SNPS) is a chip design software maker. It also provides semiconductor intellectual property products. It works through the Design Automation and Design IP segments.

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