Needham & Company Reiterates Buy on Synaptics (SYNA) Following Investor Meetings
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Needham & Company reiterated a Buy rating and $65.00 price target on Synaptics (NASDAQ: SYNA) after hosting a series of investor meetings. Needham came away from the meetings with more confidence that SYNA can achieve its FY17 annual guidance of flat growth Y/Y.
Analyst Rajvindra Gill commented, "Yesterday, we hosted a series of investor meetings in New York with CFO Mr. Wajid Ali. Net, after a tumultuous C1H16, we believe SYNA can begin to return to a more normalized quarterly revenue run-rate ($450-475MM per qrt) and EPS. Most of the Apple inventory has been cleared from the channel, and we see TDDI and fingerprint ramping in the back half of the year. We came away more confident that SYNA can achieve its FY17 annual guidance of flat growth Y/Y owing to double-digit growth across TDDI, fingerprint, touch, and PC, offset by significant declines in display driver ICs. SYNA has good visibility into the TDDI ramp, and we expect sales to exit the fiscal year $25MM per qrt and grow to $50MM per qrt exiting FY17."
Shares of Synaptics closed at $57.96 yesterday.
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