Needham analyst Nick Doyle has maintained their bullish stance on SYNA stock, giving a Buy rating today.
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Nick Doyle’s rating is based on several compelling factors that highlight Synaptics’ potential for growth. The company has shown resilience and strength in its Core IoT segment, particularly with the adoption of WiFi7 technology, where Synaptics holds a first-mover advantage. This strategic position is expected to drive significant growth as the market expands.
Furthermore, Synaptics’ engineering capabilities are underscored by the faster-than-anticipated tapeout of their new Astra SoC, which is projected to be a key growth driver in the coming years. Despite some challenges with gross margins, the overall market activity remains positive, with improvements in orders, backlog, and channel inventory. Additionally, the leadership under Mr. Patel is viewed positively, contributing to a favorable outlook for the company. These factors collectively support the Buy rating with a price target of $80.
According to TipRanks, Doyle is an analyst with an average return of -0.8% and a 36.00% success rate. Doyle covers the Technology sector, focusing on stocks such as MagnaChip, Synaptics, and Penguin Solutions.
In another report released today, TD Cowen also maintained a Buy rating on the stock with a $80.00 price target.