UPDATE: Stifel Nicolaus Raises PT on Synaptics Following Raised June Quarter Revenue Estimate

In a report published Wednesday, Stifel Nicolaus analyst Kevin Cassidy reiterated a Buy rating on Synaptics SYNA, and raised the price target from $48.00 to $56.00.

In the report, Stifel Nicolaus noted, “In an announcement which we believe surprised most investors, Synaptics raised its June quarter revenue estimate range to between $227mn - $300mn, from the previous range of $190mn - $205mn. The upside is driven by a wide range of new SmartPhones using Synaptics' capacitive touch controllers shipping into the market. We believe the announcement is a surprise considering recent news that Samsung's latest Galaxy SmartPhone, the S4, which uses Synaptics' product may not achieve Samsung's original unit shipment target for 2013. In our view, it may be that other phones which also use Synaptics products are shipping above expectations. We continue recommending investors own SYNA shares as the company is in the early stages of a strong new product cycle. We are increasing our estimates, and raising our 12-month price target to $56.”

Synaptics closed on Tuesday at $35.87.