Feltl & Co Downgrades Synaptics (SYNA) to Buy

Feltl & Co downgraded Synaptics (NASDAQ: SYNA) from Strong Buy to Buy with a price target of $80.00 following the retirement of CFO Kathy Bayless and higher guidance after the close. The downgrades comes on valuation.

Analyst Jeffrey Schreiner notes in her five years at SYNA the stock has more than doubled. The company also revised its 2QFY15 revenue range higher to $440-460m, vs. $415-450m previously. At the mid-point of guidance it reflects an increase of roughly ~4%, the analyst notes.

Schreiner believes the move higher in after markets, and potentially in today’s trading, may be driven by short covering, given 11% of float was short SYNA. "Thus we believe investors looking to get long may want to wait for a pullback, and not chase the current rally," he said.

"We our lowering our rating on shares of SYNA, but our downgrade is based more upon the upside requirement of 20%+ for STRONG BUY rating, than any concern over future growth catalysts," he added.

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 $63.88 yesterday.

You May Also Be Interested In

• Advance Auto Parts (AAP) PT Lowered to $48 at DA Davidson Following 25% Selloff Post Q2 Results
• JPMorgan Downgrades Limbach Holdings (LMB) to Underweight
• Beike (BEKE) PT Raised to $23 at Morgan Stanley