Collins Stewart Has $38 Target On Synaptics (SYNA)

Collins Stewart is reiterating its Buy rating on Synaptics Inc.

and is raising its price target from $36 to $38 after the company reported extremely strong results. In a note to investors, Collins Stewart proclaims, "We are reiterating our BUY rating on shares of SYNA and increasing our PT to $38 from $36 following a strong beat and raise quarter. SYNA showed strong momentum in both PC NB and Smartphone and returned to meaningful y/y growth within handsets reflecting strong design win activity and market share gains. We expect the outlook for 2H C’10 to remain strong for SYNA with tailwinds from the anticipated corporate client PC refresh cycle and the ramp of several key Smartphone design wins. Additionally, we are encouraged with management’s above consensus revenue outlook for FY’11 (+10-15% y/y)." In early Friday trade, shares of Synaptics are down 37‎ cents to $31.08.