Synaptics price target raised to $125 from $115 at KeyBanc

KeyBanc raised the firm’s price target on Synaptics to $125 from $115 and keeps an Overweight rating on the shares. Synaptics posted strong Q1 results and guided Q2 slightly lower, as Enterprise & Auto continues to undergo inventory destocking, but the company sees Q2 as the bottom, as it is seeing booking stabilization in core IoT and indicates channel inventories are close to normalizing with excess inventories largely depleted, the analyst tells investors in a research note.