iPhone X Challenges Positive for Synaptics (SYNA) - KeyBanc

KeyBanc analyst John Vinh said Apple's iPhone X challenge creates an opportunity for Synaptics (NASDAQ: SYNA).

"While read-throughs indicate worse-than-expected China smartphone trends could put guidance at risk, we believe this is already reflected in lowered expectations," Vinh commented. "Additionally, we believe the recent challenges related to disappointing iPhone X sell-through highlight a positive opportunity for COF DDIC, as it (1) extends the tail for LCD at Apple/industry, and (2) carries a higher ASP."

The firm remains confident of the longer-term story, including in-display fingerprint, and smarthome/IoT and recommend investors own SYNA.

The firm reiterated an Overweight rating and price target of $60 on SYNA.

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Shares of Synaptics closed at $41.20 yesterday.

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