Oppenheimer upgraded Synaptics (NASDAQ: SYNA) from Perform to Outperform with a price target of $105.00, saying to buy on recent weakness.

Analyst Andrew Uerkwitz commented, "Synaptics has declined 14% over the last seven trading days (vs. NASDAQ +0.3%) on what we believe is unjustified fear over a Digitimes article. It claimed that Apple is developing an in-house TDDI solution. We see this as highly speculative. And even if true, Apple's TDDI is unlikely to come to fruition until 2018. While we fully respect Apple's ability to integrate and build leading-edge solutions, we believe it is far too difficult to build a TDDI solution for the resolution and touch capabilities needed for an Apple device. Thus, we see the recent sell-off as unjustified and a near-term buying opportunity. Upgrade to Outperform with a $105 PT."

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 $86.32 yesterday.