Synopsys rises as FY27 outlook tops estimates

** Synopsys SNPS.O shares rise 2.4% to $445.52 premarket after the chip-design software maker issues a fiscal 2027 outlook above Wall Street estimates

** Co expects revenue of $11.10 bln-$11.20 bln and adj EPS of $19.04-$19.12, vs analyst forecasts of $10.81 bln and $17.81 respectively - data compiled by LSEG

** Co also plans to buy back roughly $1 bln of stock over the coming months

** On Wednesday, Synopsys said that it struck a deal to share revenue with OpenAI in developing an AI model for the chip business

** Amazon.com's AMZN.O cloud unit AWS also signed a multi-year licensing deal worth more than $1 bln for Synopsys chip-design intellectual property

** 22 of 24 brokerages rate the stock "buy" or higher and 2 "hold"; median PT is $580 - data compiled by LSEG

** Stock down 7.4% YTD, as of last close