Synaptics downgraded to Perform from Outperform at Oppenheimer

Oppenheimer analyst Martin Yang downgraded Synaptics to Perform from Outperform without a price target. The company’s fiscal Q2 results significantly lagged Street estimates and management sees the inventory correction being sustained for two quarters for PC and Mobile, but lacks the visibility for timing the internet of things recovery, the analyst tells investors in a research note. With uncertain inventory conditions and weak end-market demand, Synaptics’ outlook is dramatically reduced, contends the firm. Opco cites the uncertain timing regarding a revenue recovery and weaker margin outlook for the downgrade.