Synopsys rated Buy with $657 target, 43% upside on Ansys deal and AI growth potential.

Synopsys (SNPS) is rated a Buy with a $657 price target, implying a 43% gain from its current $461 price. The acquisition of Ansys expands Synopsys into system-level engineering, enabling cross-selling, margin growth, and a stronger AI-driven platform. The analyst projects 2028 EPS of $20.92, combining core EDA, Ansys integration, and design IP contributions. Risks include slower Ansys integration and design IP recovery, but growth prospects support the Buy rating.