UPDATE: Tigress Downgrades Synaptics On 'Reduced' Upside
In a report published Friday, Tigress Financial analyst Ivan Feinseth downgraded Synaptics (NASDAQ: SYNA) from Strong Buy to Buy following the recent share increase on the heels of the Renesas SP Drivers acquisition.
Feinseth emphasized that an upside for shares remain, but at "reduced" levels.
The analyst reported that Synaptics is a leader in display integration technology. Tigress added that the Renasas acquisition will aid in the company's product development and "allow the company to gain an important competitive supply advantage with an integrated touchscreen and display driver (DDI) driver platform."
The firm added that Synaptics' acquisition of Validity in November will continue to drive shareholder value with it biometrics. With the Natural ID fingerprint sensor already in the Galaxy S5 and enabled payment in PayPal's app, Feinseth sees a natural progression for the company to expand into the mobile payment space.
Shares of Synaptics closed at $88.38 on Thursday.
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