Synopsys Inc Strong Results and Raised FY26 Guidance (Still Conservative, In Our View) on Broad-Based Strength and Faster Synergy Capture; Reit. OW

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Synopsys Inc Strong Results and Raised FY26 Guidance (Still Conservative, In Our View) on Broad-Based Strength and Faster Synergy Capture; Reit. OW

J P M O R G A N North America Equity Research

28 May 2026

Synopsys Inc

Strong Results and Raised FY26 Guidance (Still Overweight

Conservative, In Our View) on Broad-Based Strength SNPS, SNPS US

and Faster Synergy Capture; Reit. OW Price (27 May 26):$525.92

Price Target (Dec-26):$650.00

Synopsys delivered another solid set of results and guidance (which came in Semiconductors & Semiconductor

incrementally better than expectations) while raising FY26 guidance, in line with Capital Equipment / IT Hardware

our framing last quarter that SNPS was positioned to return to a steady beat-and- Harlan Sur AC

raise cadence. Leading-edge chip design activity remains robust on AI (1-415) 315-6700

infrastructure build-out and accelerating hyperscaler custom silicon (COT) harlan.sur@jpmorgan.com

demand; broad-based momentum in the ANSYS portfolio is being amplified by Mayur Ramdhani

accelerating physical-AI and digital-twin adoption across aerospace/defense, (1-212) 622-1664

automotive, and industrial; Design IP appears to have troughed in F1Q and is now mayur.ramdhani@jpmorgan.com

J.P. Morgan Securities LLC

back on a sequential growth trajectory; and operating margin expansion is running

ahead of plan as cost synergies layer in faster than originally committed (~50% of

the $400M target now expected to be realized by end of FY26). The composition Quarterly Forecasts (FYE Oct)

of the FY26 revenue raise (modest underlying business performance, an EPS-/ Adj. EPS ($)

cash-neutral Ansys channel-accounting gross-up, and a small drag from the 2025A 2026E 2027E

Q1 3.03 3.77A 4.14