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On Friday, TD Cowen maintained a Buy rating on Synaptics (NASDAQ:SYNA) shares but reduced the price target to $90 from the previous $115. The firm's decision comes after assessing the company's performance and market conditions. The analyst cited the in-line results with expectations, acknowledging the previously communicated challenges in the IoT and enterprise end-markets.
The report noted the lack of immediate catalysts for Synaptics' stock but highlighted potential medium-term opportunities. These opportunities include developments in the Astera computing platform and expansion in the broader WiFi market. The analyst expressed optimism about these prospects, considering them exciting avenues for growth.
Synaptics' valuation was also mentioned as a positive factor. Despite the current market softness, the analyst believes that the stock holds a reasonable valuation. This assessment suggests that the financial firm sees underlying value in Synaptics' shares even after adjusting the price target downward.
The new price target of $90 reflects a more conservative outlook in the short term due to the limited near-term catalysts. However, the maintained Buy rating indicates that the firm still has confidence in the long-term prospects of Synaptics.
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