Synaptics (SYNA) Numbers Go Higher at Needham & Company on Top-Line 'Beat and Raise'

January 24, 2014 7:29 AM EST Send to a Friend
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Price: $83.84 +1.87%

Rating Summary:
    13 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 20 | Down: 9 | New: 24
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Needham & Company analyst Rajvindra Gill reiterated a Buy rating and lifted his price target on Synaptics (NASDAQ: SYNA) from $65 to $70 following a beat and raise quarter on the top-line.

"Non-GAAP EPS came in below the Street due to the additional OPEX and increased share count associated with Validity; sell-side ests should now appropriately reflect the acquisition," Gill notes. "Fingerprint business is showing signs of substantial momentum & should be accretive ahead of expectations (June qrt vs Sept qrt). We expect smartphones, tablets and commercial notebooks to drive fingerprint adoption. Moreover, SYNA was confident that its core biz could grow 20% Y/Y, and that the acquisition of Validity and other new technologies would be additive to that growth rate."

The firm is increasing FY14/FY15 ests to $839.4MM/$3.50 (vs. $794.3MM/$3.40) and $980.0MM/$4.20 ($910.0MM/$4.00), respectively, which reflects $30MM of Validity revenues in FY14 and $100MM in FY15.

For an analyst ratings summary and ratings history on Synaptics click here. For more ratings news on Synaptics click here.

Shares of Synaptics closed at $56.81 yesterday.




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