In a report published Thursday, J.P. Morgan analyst Paul Coster upgraded the rating on Synaptics SYNA from Neutral to Overweight, and raised the price target from $50.00 to $52.00.
In the report, J.P. Morgan noted, “We are raising estimates slightly, raising our price target to $52.00, and upgrading SYNA to Overweight, exiting a short-lived Neutral (10/10). Recent design wins, which drive our estimates up a bit, suggest that growth could carry over into the early CY14, even without a significant ramp in Validity revenue, about which the company remains constructive. In addition, CES, where we expect the company to highlight another batch of product introductions and prototypes, also should serve as a catalyst. Ahead of this, we think investors can take advantage of the 17% pullback, post earnings (S&P 500 up 1%), to take on a tactical position.”
Synaptics closed on Wednesday at $44.50.
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