UPDATE: Lake Street Initiates Coverage on Synaptics; Announces $71 Price Target

In a note released Wednesday Lake Street analyst Jaeson Schmidt initiated coverage on Synaptics Incoporated (NASDAQ: SYNA) with a Buy rating and has announced a $71 price target.Schmidt began he note commenting, "With a rapidly growing total addressable market driven by proliferation of touch screen devices and an emerging wave of biometric (fingerprint) adoption, a market leading position, and the stock trading at only 10x (ex cash) our FY16 EPS estimate of $5.03, we think the stock is poised to go higher."The highlights Schmidt has provided as a basis of his position include, controlling forty percent of the touchscreen market (ex Apple) and as much as sixty-five percent in the touchpad space of the notebook market (ex Apple); Synaptics' Forcepad and ThinTouch provide a potential catalyst for the PC Product segment; Synaptics controls nearly one hundred percent of the notebook space in biometrics (ex Apple).Schmidt seems to be very optimistic for the future of Synaptics and used the the following phrase to describe the company's current position, "“a technology usually takes longer than initially expected to be adopted, but it always breaks faster and harder than originally expected.”