UPDATE: Sterne Agee Raises PT to $45 and Maintains Buy Rating on Synaptics on Galaxy S4 Design Win

Sterne Agee analyst Shaw Wu published a report on Synaptics SYNA that maintained its buy rating and raised the price target from $40 to $45. Sterne Agee reported that, “We continue to believe the company will benefit from strong momentum in its mobile business (57% of revenue) with recent smartphone and tablet design wins at several key OEMs, including LG, HTC, NOK, Lenovo, Huawei, and ZTE. We believe this will likely continue to offset weaker trends in its PC business (43%).” Shares of Synaptics closed at $39.78 on Wednesday.