Cowen Raised Price Target on Synaptics (SYNA) to $115 Following a Spending Survey

Cowen reiterates an Outperform rating on Synaptics (NASDAQ: SYNA), and raised the price target to $115.00 (from $105.00), after an IT spending survey showed a widespread biometric adoption. Analyst Robert Stone said that 90% of respondents plan to deploy biometric user authentication.

Stone commented on the survey, saying, "The Cowen and Company Mid-Year 2015 IT Spending Survey found 90% of respondents planning to deploy biometric user authentication. Windows 10, which supports biometric authentication, is slated for deployment by 51% of respondents within a year, and should help drive adoption. SYNA, the leading supplier of fingerprint sensors, should benefit. Raising PT to $115 (vs. prior $105)."

Stone also added, "The merchant market (ex. Apple) for fingerprint-enabled mobile devices (smartphones, tablets, and notebooks) is projected to reach 857MM units in 2018 (vs. 332MM in 2015). We believe that broad support across operating systems (iOS, Android, Windows) and devices, along with biometric-enabled mobile payments (Apple Pay, Samsung Pay, etc.) should create a network effect, driving end user demand to replace passwords across all their devices and applications."

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 $96.45 yesterday.

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