UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Synopsys as FY14 Rev Ticks Down a Bit

In a report published Thursday, Bank of America analyst Krish Sankar reiterated a Buy rating on

, and raised the price target from $45.00 to $48.00. In the report, Bank of America noted, “Synopsys is the largest provider of electronic design automation (EDA) software for semiconductor design companies. In our view, the reasons to own Synopsys are: 1) the core EDA business should benefit from a strong cyclical rebound, 2) further penetration of high growth Systems and IP markets, and 3) attractive valuation.” Synopsys closed on Wednesday at $40.76.