UPDATE: Sterne Agee Upgrades Synaptics to Buy
Sterne Agee is out with its report today on Synaptics (NASDAQ: SYNA), upgrading SYNA from Neutral to Buy.
In its report, Sterne Agee writes, "We are upgrading our rating on SYNA shares to BUY from NEUTRAL for 3 key reasons: (1) the catalyst we and others have been looking for, namely the reset of its FY12 guidance to more reasonable levels, has occurred. The reason why this is important is because we think it reduces risk of future guidedowns; (2) we believe there is value in its portfolio of 260 patent assets in the touchscreen space that has become important in the patent wars. To us, a high quality touchscreen is fundamental in delivering a pleasant mobile device experience; and (3) we believe investor sentiment on shares is overly negative with the average rating a HOLD, NEUTRAL, or MARKET PERFORM and short interest at 29% of its float."
Sterne Agee has a $34 PT on SYNA.
At the time of posting, shares of SYNA were trading pre-market at $30.15, up 11.58% from Thursday's close.
