A report from J.P. Morgan reiterates its Neutral rating and raises its price target from $31.50 to $35 on Synaptics SYNA.
The report states, “…comp is expected to be tough for the remainder of
FY12 given ASP erosion, tablets remain immaterial to overall revenue and
consumer notebook demand continues to be uncertain. We continue to
think it prudent to sit out the transition for lack of catalysts, but we are
more positively inclined coming out of the quarter”.
SYNA closed yesterday at $27.02.
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