Synopsys stock (SNPS) set for Monday test after Morgan Stanley downgrade, Converge event in focus
Morgan Stanley downgraded Synopsys to Equal-Weight and cut its price target to $480, sending shares down 2.8% to $414 on Friday. The stock has fallen about 8% over two sessions and now trades 36% below its July high. Synopsys reported Q1 revenue of $2.409 billion, with Ansys contributing $886 million. The company will address investors at its March 11 Converge event.