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Synaptics, Incorporated (NASDAQ:SYNA) has multiple growth drivers and is well positioned for strong top- and bottom-line growth, according to Craig-Hallum.
The Synaptics Analyst: Anthony Stoss upgraded Synaptics from Hold to Buy and raised the price target from $78 to $130.
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The Synaptics Thesis: The stock is now mostly derisked from the loss at Apple Inc (NASDAQ:AAPL), Stoss said in the upgrade note.
“We had previously been on the sidelines given potential share loss at Apple this year, but with the OLED touch controller business with Apple now sub-5% of revenues, we think SYNA’s other growth drivers can easily offset this,” the analyst said.
“SYNA has now transformed itself into an IoT business with IoT now 43% of revenues and surpassing mobile for the first time this quarter. SYNA expects the IoT market to grow 10-15% for the next several years and thinks their business can grow faster than that.”
SYNA Price Action: Shares of Synaptics gained 11.36% Friday, closing at $119.01.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.