** Synopsys SNPS.O shares declined 2.5% to $513.00 premarket despite the company raising its annual forecast

** JPMorgan analysts said the outlook "looks conservative," leaving room for upside as AI-driven chip design demand remains robust

** SNPS on Wednesday raised its full-year adj. profit / shr forecast to $14.72-$14.80 — above analysts' average est. of $14.45, per LSEG-compiled data

** The chip design software maker also said it reached an agreement with activist investor Elliott Investment Management to add one of its partners to SNPS board

** Avg. rating of 25 analysts is "Buy"; median analyst price target is $577.50, implying a 10% upside from the stock's last close of $525.92 - data compiled by LSEG

** YTD, SNPS have climbed ~12%, underperforming the 14.8% rise for the Nasdaq .IXIC index