Wells Fargo Starts Synaptics (SYNA) at Overweight

Wells Fargo initiates coverage on Synaptics (NASDAQ: SYNA) with a Overweight rating and a price target of $95.00.

The analyst comments "Estimates & PT. We initiate C2025, C2026, C2027 & C2028 revenue / EPS estimates at $1.145B / $4.18, $1.259B / $4.97, $1.391B / $5.86, & $1.485B / $6.47. Our $95 price target is based on a 16x P/E and 12.5x EV/EBITDA our C2027 estimates. We believe continued positive Astra-related momentum (i.e., updates, design wins, product announcements) can drive a modest re-rating of shares; albeit remaining well below some pure play IoT and analog / mixed signal peers at this point."

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 $73.66 yesterday.

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