Mizuho Securities Upgrades Synaptics (SYNA) to Buy
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Mizuho Securities upgraded Synaptics (NASDAQ: SYNA) from Neutral to Buy with a price target of $74.00 (from $54.00), saying 2017 TDDI could provide an OLED offset.
Analyst Vijay Rakesh commented, "While SYNA has underperformed the SOX with 1H16 iPhone headwinds, we believe 2017 is looking better with TDDI ramps that could add an incremental 50-100M units of accretive ASP/margin and offset some C2H17 OLED drag. SYNA still lags on Fingerprint sensors and the OLED roadmap, potentially losing the high end OLED iPhone for 2017. But SYNA is a leader in touch, and with TDDI could see some accretive upside to depressed estimates as multiple handset OEMs ramp. Upgrading to Buy and raising our 2H17 and F18E estimates; our PT goes to $74 from $58."
Shares of Synaptics closed at $65.76 yesterday.
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