TipRanks analyst ranking service pinpoints Wall Street’s best-performing stocks, Intel and Analog Devices.
Additionally, chip design complexity is increasing with the emergence of new advanced technological applications. This is expected to be beneficial for, providing it with a secular growth opportunity."Given the backlog/bookings strength and continued strong chip/system design activity, we believe that the company is set to grow revenues in CY23 even in the face of a potential macro/semiconductor industry slowdown," said Sur.
Moreover, Sur expects the core tools of the electronic design automation software segment to grow, providing a"very stable but fierce competitive environment with vendors." This is because the majority of the electronic design automation market share is divided among three vendors — Cadence Design , Synopsys and Siemens, which effectively blocks the chances of entry of any other vendor.
Thus, Sur is certain that Synopsys is in a compelling position to stand strong even in an uncertain macro environment. He reiterated a buy rating on the stock and raised the price target to $440 from $400.
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