Synaptics (SYNA) Bullish Stance Reiterated at Needham & Company Amid Renesas Speculation

Needham & Company analyst Rajvindra Gill reiterated a Strong Buy rating and $100 price target on Synaptics (NASDAQ: SYNA) price target of $100 following reports the company was in talks to acquire the subsidiary of Renesas (Renesas SP Drivers Inc.), which specializes in building LCD drivers for small and mid-sized panels

Gill commented, "There had been speculation in the past that AAPL was contemplating acquiring the display driver company but the negotiations fell through. Renesas SP had been the exclusive supplier of LCD display drivers for Apple’s iPhone. If these reports are accurate, this would reinforce SYNA's innovative strategy and “platform” approach in the mobile handset market. In uor view, over the past three years, SYNA has gradually been developing the right building blocks: in-cell and on-cell, TDDI (touch display driver integration) and fingerprint sensors. For these reasons, we believe SYNA is the clear leader in the capacitive touch space."

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 $60.47 yesterday.

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