UPDATE: J.P. Morgan Raises PT to $35 on Synaptics

A report from J.P. Morgan reiterates its Neutral rating and raises its price target from $31.50 to $35 on Synaptics (NASDAQ: 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.