UPDATE: Blaylock Robert Van Reiterates Strong Buy Rating, Raises PT on Synaptics
In a report published Friday, Blaylock Robert Van reiterated its Strong Buy rating on Synaptics (NASDAQ: SYNA), and raised its price target from $32.00 to $41.00.
Blaylock Robert Van noted, “Better-than-expected mobile business drove December quarter revenue above Street expectations and at the high end of company's guidance, gross margin and EPS exceeding the high end of guidance. March guidance was strong, primarily driven by strong mobile demand. Further, Synaptics expects to have more notebooks with Synaptics inside touch screen come out later this quarter, which supports our view of its potential opportunities in touch screen notebooks. We are raising estimates to reflect its strong guidance, mobile momentum and touchscreen opportunities with notebooks. In addition, we are establishing our F2014 estimates. Accordingly price target rises to $41, or 15x our newly introduced C2014 pro forma EPS estimate of $2.76.”
Synaptics closed on Thursday at $32.55.
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