Needham Reiterates Buy Rating on Synaptics (SYNA)

Needham analyst Rajvindra Gill reiterated a Buy rating and $90.00 price target on Synaptics (NASDAQ: SYNA).

The analyst commented: "On Monday, after the close, Synaptics announced Michael Hurlston has stepped down as President and CEO, to pursue the CEO role at Lumentum Holdings Inc. (LITE, Buy, Ryan Koontz). Mr. Hurlston served as CEO of SYNA for five years, and was pivotal in transforming Synaptic's business strategy to focus on IoT applications. Under Hurlston's leadership, Synaptics meaningfully diversified its customer base and product portfolio. Additionally, key partnerships with Google and Broadcom were recently announced that secure the company's Core IoT product roadmap for several years. We believe investors had a positive view of Michael and expect his experience and energy will be missed. As Synaptics searches for a permanent CEO, the BoD has appointed CFO and SVP Ken Rizvi to interim CEO. We maintain our Buy rating and $90 PT."

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Shares of Synaptics closed at $85.05 yesterday.

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