UPDATE: JP Morgan Upgrades Synaptics to Overweight on Line-Up and Technology Strength

JP Morgan raised its rating on Synaptics

from Neutral to Overweight and increased its price target from $29.50 to $34. JP Morgan noted, "It's an interesting time to re-visit SYNA. Synaptics has a strong product lineup for 2013, and the firm is poised to return to y/y growth now that it has completed the transition from modules to chips, justifying multiple expansion. Upward revisions to EPS are possible and we think the stock is somewhat undervalued. Catalysts include CES product introductions and design wins. We are upgrading to Overweight." Synaptics closed at $28.33 on Tuesday.