Computing equivalence classes for FSMs has several applications to synthesis and verication problems. Symbolic traversal techniques are applicable to medium-small circuits. This paper extends their use to large FSMs by means of cofactor-based enhancements to the stateof-the-art approaches and of underestimations of equivalence classes. The key to success is pruning the search space by constraining it. Experimental results on some of the larger ISCAS'89 and MCNC circuits show its applicability.