Synaptics Inc (SYNA) Received its Third Buy in a Row

By Carrie Williams

After Craig-Hallum and Needham gave Synaptics Inc (NASDAQ: SYNA) a Buy rating last month, the company received another Buy, this time from Mizuho Securities. Analyst Vijay Rakesh reiterated a Buy rating on Synaptics Inc today and set a price target of $55. The company’s shares opened today at $48.62.

Rakesh observed:

“We believe TDDI, LCD and CoF ramping into iPhone and China handset OEMs with 30-50% higher dollar content ramping in SepQ/DecQ position SYNA well. We are adjusting estimates, reiterating our Buy rating and $55 PT.”

According to TipRanks.com, Rakesh is a top 100 analyst with an average return of 26.7% and a 68.1% success rate. Rakesh covers the Consumer Goods sector, focusing on stocks such as Advanced Micro Devices, Skyworks Solutions, and Texas Instruments.

Synaptics Inc has an analyst consensus of Moderate Buy, with a price target consensus of $56.33, which is a 15.9% upside from current levels. In a report issued on August 1, Craig-Hallum also upgraded the stock to Buy with a $51 price target.

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Based on Synaptics Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $1.5 million. In comparison, last year the company had a net profit of $17.8 million.

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Synaptics, Inc. engages in the development, marketing, and sale of semiconductor products. It develops and supplies custom-designed human interface solutions that enable people to interact with mobile computing, communications, entertainment, and other electronic devices.