Analysts Bump Up Price Targets On Synaptics On Q1 Beat

Analysts bumped up price targets on Synaptics Inc SYNA on the Q1 FY22 beat.
Craig-Hallum analyst Anthony Stoss raised the price target to $265 from $175 and maintained a Buy.
Synaptics reported results and guidance above the Street on continued IoT growth that shows no sign of slowing.
The analyst believes Meta Platforms Inc FB, through its subsidiary Oculus, is one of the customers boding well for the company after its recently announced $10 billion investment this year in the market.
KeyBanc analyst John Vinh raised the price target to $270 from $230, implying a 8% upside, and maintained an Overweight.
Synaptics posted solid results and guidance led by strength in IoT, while PC NB and Mobile also grew q/q.
Mizuho analyst Vijay Rakesh raised the price target to $250 from $195, and affirmed a Buy following the "good" September quarter results.
Cowen analyst Karl Ackerman raised the price target to $250 from $180 and reiterated an Outperform.
The analyst said the transformation of the company's business model is on full display given record gross margins and a proliferating order book across new and expanding opportunities in autos, surveillance, home automation, and Android handsets.
Needham analyst Rajvindra Gill raised the price target to $300 from $220, implying a 20% upside, and affirmed a Buy.
The company reported a "strong" beat and raised its Q1 results despite the elevated expectations heading into the print.
Gill adds that Synaptics' Internet of Things revenue grew by 44% - well above market rate - thanks to the "robust" demand for Triple Combo wireless devices, premium docking stations, and edge AI processors.
BMO Capital analyst Ambrish Srivastava raised the price target to $220 from $165 and reiterated a Market Perform after its Q1 earnings beat.
The company is executing "very well," and its Internet of Things business continues to hit its stride.
Srivastava adds that Synaptics' visibility into its Q2 is better than it was heading into September, with visibility into FY22 also improving, though he sees the stock as "reasonably valued at these levels."
Summit Insights analyst Kinngai Chan upgraded to Buy from Hold. The company should outperform earnings expectations for 2022, given his industry checks that indicate significant double ordering throughout the Internet of Things supply chain.
Chan adds that the content growth and the expanded customer base in Synaptics' IoT business should offset any headwinds in the PC market.
Price Action: SYNA shares traded higher by 11.8% at $247.14 on the last check Friday.

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