SYNA: Analysts Revise Forecasts
Analysts revise their forecasts on Synaptics after better-than-expected Q3 results and announcement of acquisition by ON Semiconductor
ON Semiconductor Corp. (NASDAQ: ON ) and Synaptics Inc. (NASDAQ: SYNA ) on Thursday announced a definitive agreement to combine their businesses, outlining expected strategic and financial impacts of the transaction.
ON Semi will acquire Synaptics in an all-stock transaction, representing a total enterprise value of approximately $7 billion.
The companies stated the combination would expand ON Semi’s capabilities across AI infrastructure and extend into edge-based applications.
Synaptics shares jumped 4.5% to $131.17 in pre-market trading.
These analysts made changes to their price targets on Synaptics following earnings announcement.
Susquehanna analyst Christopher Rolland downgraded the stock from Positive to Neutral and raised the price target from $125 to $140.
Rosenblatt analyst Kevin Cassidy downgraded the stock from Buy to Neutral and lowered the price target from $180 to $160.
Needham analyst Neil Young downgraded the stock from Buy to Hold.
Considering buying SYNA stock? Here’s what analysts think: Photo via Shutterstock