
Shares of chip design software provider Synopsys SNPS.O fall 1.2% to $470.04 premarket
Co beat analysts' estimates for fourth-quarter revenue on Wednesday, driven by strong demand for its chip design tools
Piper Sandler cuts PT to $602 from $630; maintains "overweight" stance on stock
Brokerage says co met expectations on growth, China/IP risk management and profitability gains from a 10% reduction in workforce
But slower electronic design automation growth and weak free cash flow margins remain concerns - Piper Sandler
Average rating of 25 analysts is "buy"; median PT $550 - data compiled by LSEG
As of last close, stock down nearly 2% YTD