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Semiconductor software and service company Synopsys, Inc. (NASDAQ: ) shares are down more than 1% ahead of its third quarter earnings announcement tomorrow. A look ahead at what to expect from the Mountain View, California company tomorrow:

Earnings per share: Expected to be 39 cents, with the eight analysts’ opinions tightly grouped from a high estimate of 40 cents to a low estimate of 38 cents. If on target at 39 cents, Synopsys will have grown earnings 22% from the same period a year ago.

Revenue: Expected to increase by nearly 12% from the third quarter of 2007 to $339.6 million – once again analysts offer little variance with estimates ranging from $338 to $340.2 million.

Earnings track record: Synopsys has beaten expectations in four out of the last four quarters – twice by more than 11%.

Analyst recommendations: Wall Street’s average recommendation on Synopsys is “buy” with an average price target of $30.67 – about 25% higher than its current trading price.

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