UPDATE: JP Morgan Raises PT to $42 on Synaptics on Indication of Samsung Smartphone Win

JP Morgan maintained Synaptics SYNA with an Overweight rating and raised the price target from $38.00 to $42.00. JP Morgan analyst Paul Coster wrote, "Early tear-down reports indicate that SYNA has won a touch-controller slot on Samsung's flagship smartphone, the Galaxy S4. SYNA is building momentum at Samsung and within the smartphone space, largely owing to leadership in in-cell technology, display driver integration, and solid execution. We are raising estimates somewhat, partially factoring in some of the upside from a potential outright design win at Samsung but also reflecting some caution regarding traditional notebook-related sales." Synaptics closed at $38.01 on Friday.