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UBS Warburg Ups Synopsys Outlook

UBS Warburg raised estimates on Synopsys (SNPS).

Analyst Alex Gauna says the 80 cents second-quarter earnings per share (before goodwill) beat his 69 cents estimate and $292 million revenue beat his $283 million estimate. He says the company had the best bookings quarter in its history, with payment terms becoming more linear, and deal closures at or above targets across all geographies.

Guana notes sentiment is improving for Synopsys' semiconductor customer base. He says the fiscal 2003 (Oct.) guidance points to an improving macro environment, and thinks the upside to current expectations will continue. He raised his $2.95 fiscal 2003 earnings per share guidance to $3.10, and upped the $3.45 fiscal 2004 estimate to $3.70. He raised the $61 target to $66.

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