Needham & Company downgraded Synaptics (NASDAQ: SYNA) from Buy to Strong Buy with a price target of $88.00 (from $110.00) amid slower growth.

Analyst Rajvindra Gill commented, "SYNA issued a roughly in-line C4Q15 but provided MarchQ and FY16 guidance below consensus as the largely expected softness related to iPhone builds weighs on the business. We continue to believe SYNA is aligned to favorable secular trends with fingerprint sensors and TDDI, both of which we expect to see continued attach rate acceleration and design win announcements. But we do not believe they will be enough to offset Apple 6S/S+ softness. While we cut our ests and price target, we believe SYNA remains inexpensive at just 9.1x even our lowered CY16 NG EPS est of $7.29. We lower our rating to Buy from Strong Buy and our PT to $88 due to the slower growth and volatility, but note potential upside from speculation regarding possible acquisition of SYNA by a Chinese company."

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Shares of Synaptics closed at $66.23 yesterday.