UPDATE: JPMorgan Downgrades Synaptics (SYNA) to Underweight
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JPMorgan analyst Paul Coster downgraded Synaptics (NASDAQ: SYNA) from Neutral to Underweight with a price target of $40.00 (from $73.00).
The analyst comments "SYNA is trading at ~7.3x our CY20 PF EBITDA, a modest discount to the 5 year average of ~7.5x, and ~9.4x our CY20 PF EBITDA, an 8% discount to the five-year average. The multiple has re-rated lower to historical averages, on the broader market weakness, uncertain impact of COVID-19, and increased uncertainty regarding the OLED touch business. We cut our estimates lower on COVID-19 impact, and lower longer term visibility."
Shares of Synaptics closed at $48.54 yesterday.
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