NEW YORK (NYSE:AP) - Shares of Synaptics Inc. took a hit Tuesday after a Jefferies analyst downgraded the maker of touchscreen technology for computers and smartphones, citing increasing competition in handsets and a shift to lower-priced products in the PC market.
Shares fell $2.29, or 9.8 percent, to $21.15 on this news. In the past 52 weeks, the stock has traded between $13.85 and $40.94. Synaptics was previously listed as a hold and has now been downgraded but looks like a solid strong buy at $20.00 with sales at 473 million - income 54 million - sales growth 31% income growth at 396% and debt/ equity ratio .29
Frost & Sullivan stated that, "since the introduction of the Internet as a building automation tool, no other technology has had as profound an impact as wireless technology. Synapse is well positioned to evolve with current and potentially nascent wireless and TCP/IP standards, spearheading the efforts toward acceptance and adoption of wireless and open protocols."