J.P. Morgan Previews 4Q11 Results on Synaptics

J.P. Morgan has published a report on Synaptics Inc. (NASDAQ: SYNA) previewing F4Q11 results.

In the report, J.P. Morgan writes, "We are cautious ahead of SYNA's F4Q results owing to weakness in PC shipments and the known risks associated with SYNA's ongoing transition from module-based to chipset-only sales in the handset market. Though we think this stock is undervalued, we think it prudent to sit out the transition for lack of catalysts and ongoing negative headline risks. We are trimming estimates through 2012 and introducing CY13 estimates with this note. Maintain Neutral. We are establishing a December 2012 price target of $38.50."

J.P. Morgan rates Synaptics Inc. a Neutral with a price target of $38.50. Synaptics closed Monday evening at $24.17.