Synaptics Analysts Increase Their Forecasts After Upbeat Earnings
Portfolio Pulse from Avi Kapoor
Synaptics Incorporated (NASDAQ:SYNA) exceeded Q2 earnings and sales expectations, with adjusted earnings of 5 cents per share and sales of $237 million. The company forecasts Q3 revenue between $220 million and $250 million, against analysts' expectations of $245.286 million. Following the report, Synaptics shares rose 2% to close at $110.22. Analysts from Needham and Rosenblatt raised their price targets on Synaptics to $125 and $130, respectively, both maintaining a Buy rating.
February 09, 2024 | 2:03 pm
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Synaptics reported higher than expected Q2 earnings and sales, with a positive outlook for Q3 revenue. Shares increased by 2%, and analysts raised price targets.
The positive earnings report and the subsequent increase in price targets by analysts suggest a bullish outlook for Synaptics in the short term. The company's strong performance and optimistic revenue forecast for the next quarter are likely to maintain investor interest and potentially drive the stock price higher.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100