TD Cowen lowered the firm’s price target on Synaptics (SYNA) to $80 from $100 and keeps a Buy rating on the shares. The firm notes results came in slightly above expectations driven by improving IoT revenues. The company has not seen any signs of deteriorating consumer demand with backlog and order linearity remaining healthy with the trend potentially extending into September quarter. However, the risk remains regarding potential demand softness in the future, TD Cowen says.
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