JPMorgan Upgrades Synaptics (SYNA) to Neutral
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JPMorgan analyst Paul Coster upgraded Synaptics (NASDAQ: SYNA) from Underweight to Neutral with a price target of $110.00.
The analyst comments "SYNA is trading at ~11.7x our CY21E PF EBITDA, a 39% premium to the 3 year average of ~8.41x, and around 14.4x CY21E PF EPS or 38% premium. The multiple has re-rated materially, and rightfully so given the margin trajectory driven by the mix shift to IoT. Note the stock still trades well below peers. Much depends now on if the firm can grow the IoT business in line with industry forecasts at a minimum. We expect SYNA to perform in line with the mean of our coverage universe over the next 6-12 months."
Shares of Synaptics closed at $103.85 yesterday.
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