Synaptics Stock Rating Upgraded by Oppenheimer (SYNA)
Synaptics (NASDAQ:SYNA) was upgraded by equities researchers at Oppenheimer from a “market perform” rating to an “outperform” rating in a research report issued on Friday, TheFlyOnTheWall.com reports. The firm currently has a $55.00 target price on the stock. Oppenheimer’s target price points to a potential upside of 29.96% from the stock’s previous close.
The analysts wrote, “We are upgrading Synaptics to Outperform from Perform and introducing a $55 price target. We believe the stock will break out to new highs as SYNA: 1) expands its presence in Chinese smartphones; 2) continues to gain market share in tablets; and 3) gets material traction in the note/ultrabook space with touch displays and thin keyboards. We believe investors are underestimating its leadership in technology and ability to move beyond headline grabbing design wins. Additionally, we see limited downside as the stock is trading at just 11x on forward P/E vs a peer group median of 20x. Finally, sitting on $13/share in cash, SYNA has plenty of flexibility for additional value creation.”
Shares of Synaptics (NASDAQ:SYNA) traded up 3.12% on Friday, hitting $43.64. 507,716 shares of the company’s stock traded hands. Synaptics has a 52-week low of $22.58 and a 52-week high of $45.40. The stock has a 50-day moving average of $40.58 and a 200-day moving average of $39.93. The company has a market cap of $1.460 billion and a price-to-earnings ratio of 14.64.
Synaptics (NASDAQ:SYNA) last issued its quarterly earnings data on Thursday, August 1st. The company reported $1.39 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.28 by $0.11. The company had revenue of $230.20 million for the quarter, compared to the consensus estimate of $228.69 million. During the same quarter last year, the company posted $0.54 earnings per share. Synaptics’s revenue was up 67.3% compared to the same quarter last year. Analysts expect that Synaptics will post $3.89 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on SYNA. Analysts at Zacks downgraded shares of Synaptics (NASDAQ:SYNA) from an “outperform” rating to a “neutral” rating in a research note to investors on Tuesday. They now have a $45.20 price target on the stock. Finally, analysts at Stifel Nicolaus raised their price target on shares of Synaptics (NASDAQ:SYNA) from $56.00 to $58.00 in a research note to investors on Friday, August 2nd. They now have a “buy” rating on the stock.
Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $48.85.
Synaptics Incorporated is a developer and supplier of custom-designed human interface solutions that enable people to interact with a range of mobile computing, communications, entertainment, and other electronic devices.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.