Synopsys (SNPS) shares inched higher on Thursday after Wells Fargo analyst Joe Quatrochi issued a bullish note in favor of the electronic design automation (EDA) company. Quatrochi upgraded SNPS this morning to “Overweight” and raised his price target as well to $475, signaling potential upside of nearly 20% from current levels.
Wells Fargo’s bullish call brings a much-needed reprieve to Synopsys stock, which has otherwise been in a sharp downtrend. At the time of writing, it’s trading about 25% below its YTD high.
