UPDATE: Feltl and Company Upgrades Synaptics to Hold; Near Term Expectations Reset

Feltl and Company raised its rating on Synaptics

from Sell to Hold with a $21 price target. Feltl and Company commented, "Since early September, shares of SYNA have declined from levels ~$30 to current price levels ~$23, a percentage decline equaling ~24%. We believe the share decline reflects less near- term optimism among SYNA investors. However in our opinion near-term concerns regarding ramp of Windows 8, and potentially slowing growth within mobile, may be reflected in current investor sentiment. While we believe near-term expectations likely reflect estimated weakness within PC/Mobile markets, we still believe current consensus estimates for FY13/FY14 potentially remain inflated. Given a likely reset in near-term expectations and less downside to our revised target from the current share price, we are upgrading shares of SYNA to HOLD from SELL." Synaptics closed at $22.87 on Monday.