UPDATE: JP Morgan Raises PT on Synaptics on Indication of Samsung Smartphone Win
JP Morgan maintained Synaptics (NASDAQ: SYNA) with an Overweight rating and raised the price target from $38.00 to $42.00.
JP Morgan analyst Paul Coster wrote, "Early tear-down reports indicate that SYNA has won a touch-controller slot on Samsung's flagship smartphone, the Galaxy S4. SYNA is building momentum at Samsung and within the smartphone space, largely owing to leadership in in-cell technology, display driver integration, and solid execution. We are raising estimates somewhat, partially factoring in some of the upside from a potential outright design win at Samsung but also reflecting some caution regarding traditional notebook-related sales."
Synaptics closed at $38.01 on Friday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.