Synaptics price target raised to $115 from $100 at Needham

Needham raised the firm’s price target on Synaptics to $115 from $100 and keeps a Buy rating on the shares. The company’s Q1 results were “solid” but its Q2 outlook was lower than expected as the Enterprise business and associated gross margin recovery get pushed out, the analyst tells investors in a research note. Needham adds that it is more confident in a 2024 recovery as enterprise inventory is only marginally worse than expected and will need a couple more quarters to clear.