摩根士丹利上调Synopsys目标价至574美元并重申增持，借AI扩大EDA市场叙事，但盘前股价反跌0.8%

Synopsys ( SNPS ) was in focus on Tuesday as Morgan Stanley upped its price target on the electronic design automation firm, citing the coming benefit from artificial intelligence. Shares fell 0.8% in premarket trading. “Synopsys trades on just 25x FY27 EPSe despite an 18% share price rise over the last month, well below its five-year average one-year forward P/E of 36x,” Morgan Stanley analyst Lee Simpson wrote in a note to clients. “We do not see this discount as warranted given AI-driven expansion of the EDA TAM and the emergence of a consumption-based model alongside the existing license-based model. At last month's investor day, management outlined 3 AI frameworks: 1) Full Stack, 2) Customer Owned Platforms and Agents, and 3) Frontier Models (see more detail in From Narrative to Execution). While management [has] reiterated that these remain at an early stage, with limited visibility on earnings accretion, we think they meaningfully expand Synopsys' addressable market. In our view, the next step to a re-rating is execution. We see the key checkpoints as delivery of investor day targets, evidence of broadening customer partnerships, and management commentary of earnings accretion from each AI platform.” Simpson raised his price target on Synopsys to $574 from $550 and reiterated his Overweight rating on the stock.