On September 17, Synopsys rose 3.17% in regular trading, trading at $379.13 per share, with turnover of $243 million. The rally was driven by a combination of better-than-expected fiscal Q3 results and a notable analyst upgrade from Wells Fargo.

On the earnings front, Synopsys reported fiscal Q3 revenue of $2.48 billion, up 42% year-over-year, with adjusted EPS of $3.91, both surpassing market expectations of $2.44 billion and $3.67 respectively. The company also raised its full-year revenue guidance to $9.69 billion-$9.74 billion and lifted non-GAAP EPS guidance to $15.04-$15.10, above consensus estimates. Management emphasized on the earnings call that AI is not a threat but rather a catalyst for greater software demand, with EDA revenue expected to achieve double-digit growth for the full year.

Meanwhile, Wells Fargo upgraded Synopsys from Equalweight to Overweight with a price target raised to $475, citing improving AI demand momentum. This follows earlier upgrades from Morgan Stanley and Baird, reflecting growing institutional confidence in the company's growth trajectory.

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