- Bear Stearns notes that after meeting with CEO Francis Lee and CFO Russ Knittel, they came away reassured about Synaptics' (NASDAQ:SYNA) growth prospects. As expected, SYNA did not comment on its relationship with AAPL, althouh the firm continues to believe that SYNA has won back some AAPL business. SYNA continues to execute on growing its core notebook business, at the same time, making solid progress in expanding into adjacent market (e.g., has 9 mobile phone wins).
While SYNA did not update its financial outlook, it noted that demand for notebook PCs remains strong, with its dollar content per notebook expected to increase with inclusion of additional touch solutions (LightTouch, Dual Mode) beyond touchpads (~10% of notebook shipped in 1Q07 includedmultiple touch solutions). SYNA also expressed optimism regarding seasonal recovery in MP3 players. As an aside, SYNA noted that it does not expect MSFT Vista delay to have an impact on notebook demand.
While SYNA did not comment on its relationship with AAPL, it noted increasing design activities in MP3 players and mobile phones. In particular, SYNA highlighted growing interest by mobile phone vendors in its user interface solution like Onyx, as input requirements in mobile phones continue to increase owing to incorporation of multimedia features. In addition, SYNA continues to expand into adjacent markets (e.g., mouse/keyboards, remote controls, etc.).
Maintains estimates, Outperform rating and $33 tgt.
Notablecalls: Not actionable but good to know category.
While SYNA did not update its financial outlook, it noted that demand for notebook PCs remains strong, with its dollar content per notebook expected to increase with inclusion of additional touch solutions (LightTouch, Dual Mode) beyond touchpads (~10% of notebook shipped in 1Q07 includedmultiple touch solutions). SYNA also expressed optimism regarding seasonal recovery in MP3 players. As an aside, SYNA noted that it does not expect MSFT Vista delay to have an impact on notebook demand.
While SYNA did not comment on its relationship with AAPL, it noted increasing design activities in MP3 players and mobile phones. In particular, SYNA highlighted growing interest by mobile phone vendors in its user interface solution like Onyx, as input requirements in mobile phones continue to increase owing to incorporation of multimedia features. In addition, SYNA continues to expand into adjacent markets (e.g., mouse/keyboards, remote controls, etc.).
Maintains estimates, Outperform rating and $33 tgt.
Notablecalls: Not actionable but good to know category.
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