Needham analyst Richard Valera raised his price target on Synopsys to $120 and kept his Buy rating, saying the stock also maintains its status as his "top pick" based on its "high levels of design activity in areas like AI/ML, Auto and 5G, strong momentum in the software integrity business, and a tailwind from China". The analyst also cites the company's "strong" Q1 results and expects it to top FY19 guidance, with potential upside coming from its Analyst Day discussions next week highlighting its "growing scale and momentum" in software integrity and its "strong position in Semi IP."