In a report released today, Christopher Rolland from Susquehanna reiterated a Buy rating on Synaptics (SYNA – Research Report), with a price target of $105.00.
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Christopher Rolland has given his Buy rating due to a combination of factors including Synaptics’ recent strategic developments and growth potential in the IoT market. The company’s recent deal with Broadcom is expected to significantly bolster its market presence by enabling Synaptics to cater to a previously underserved segment of Android handset users with advanced mobile technologies. This acquisition is projected to rapidly increase Synaptics’ addressable market size (SAM) across Android smartphones, consumer audio, and AR/VR sectors.
In addition to this, Synaptics has reported better-than-expected results in its Core IoT sector, with growth driven by strong performance in wireless solutions and processor technologies. The company’s collaboration with Google further enhances its growth prospects. Although challenges remain in the automotive sector due to market conditions, Synaptics is making strides with new design wins in China. Furthermore, the removal of headwinds from legacy Apple-related revenue provides a clearer path for growth. Overall, these factors combined with Synaptics’ strategic expansion and innovation efforts underpin the positive outlook and Buy rating from Rolland.
Rolland covers the Technology sector, focusing on stocks such as Intel, Marvell, and Maxlinear. According to TipRanks, Rolland has an average return of 23.4% and a 60.12% success rate on recommended stocks.
In another report released today, Needham also maintained a Buy rating on the stock with a $100.00 price target.