Sterne Agee Maintains Neutral on Synaptics

Sterne Agee is out with its report today on Synaptics (NASDAQ: SYNA), maintaining Neutral.

In a note to clients, Sterne Agee writes, "While we are upbeat on SYNA's prospects, we rate shares NEUTRAL as we are concerned that upcoming product transitions to chip and tail solutions will likely continue to put pressure on revenue growth due to lower ASPs. Our price target of $29 is based on 12.5x our CY11 EPS of $2.33."

Shares of SYNA closed Friday at $26.47.