Mizuho Securities downgraded Synaptics (NASDAQ: SYNA) from Outperform to Neutral with a price target of $75.00 (from $95.00).

Analyst Vijay Rakesh commented, "SYNA reported a soft MarQ but its guide for the JunQ was substantially lower q/q, we believe pointing to channel inventory and slower ramps in FP/TDDI. While SYNA is a leader in touch, and sees 20 new design wins in FP into 2H16, we believe a 33% guide-down versus consensus creates an earnings and revenue vacuum. We believe SYNA's competition, FPC, noted 26 new FP handsets in 1Q16. Longer term, SYNA needs to get ahead on the OLED roadmap. Lowering estimates and downgrading to Neutral, $75PT (prior $95 PT)."

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Shares of Synaptics closed at $81.10 yesterday.