Needham & Company Maintains a 'Buy' on Synaptics (SYNA); Inflection Point in Mobile in September Quarter

Needham & Company maintains a 'Buy' on Synaptics (NASDAQ: SYNA) price target of $41.00.

Analyst, Rajvindra S. Gill, said, "As we previewed, SYNA guided C2Q below consensus estimates, which were overly aggressive, in our view. PCs were actually better than expected, while mobile was guided down due to a temporary unfavorable mix shift. We encourage investors to add positions as SYNA enters 2CH12 with easier Y/Y comps and we see an inflection point in revenue growth rates. Moreover, SYNA reported its first In-Cell design win with Sony and has a number of designs ramping in 2CH. At current prices, SYNA is trading at less than 10x CY13 estimates with 30% of its mkt cap in cash...Our FY12/FY13 ests move to $547.2MM/$2.26 (vs. $541.0MM/$2.23) and $580.0MM/$2.20 (vs. $595.0MM/$2.60), respectively."

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 $33.18 yesterday.

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