Synaptics (SYNA) PT Lowered to $90 at Needham

Needham analyst Rajvindra Gill lowered the price target on Synaptics (NASDAQ: SYNA) to $90.00 (from $95.00) while maintaining a Buy rating.

The analyst commented: " Synaptics posted better than expected F1Q25 results and slightly raised guidance, as gradual improvement across enterprise is being seen. Our key takeaways: 1) IT spending increases are yet to be seen, but the enterprise portfolio is picking up due to new product introductions and share gains; 2) The Core IoT funnel has grown ~30% from September 2023, and within it high performance Wi-Fi is ahead of expectations for design wins and projections exiting the funnel, while BLE/Thread is lagging; 3) The amount of new wins in performance Wi-Fi has doubled compared to three months ago, and healthy ASP and margin increases are expected with the introduction of Wi-Fi 7. We lower our PT to $90, based on 22x our CY26 EPS, as we temper the pace of the expected recovery."

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