- It's "unlikely" that Google would drop Himax (HIMX +5.5%) as a Glass supplier given its stake in the company, writes Northland's Tom Sepenzis following rumors to the effect. At the same time, he thinks Google might be trying to "work out better terms."
- Meanwhile, Topeka's Suji De Silva believes concerns about Synaptics' (SYNA +10.4%) reported plans to buy a 55% stake in Renesas' LCD driver IC unit fueled yesterday's sharp Himax selloff.
- De Silva thinks those concerns are overblown: He doesn't believe Renesas has the kind of "global, multi-market customer relationships" Himax has developed (ed: couldn't Synaptics help out with that?), and argues Himax "benefits from a more robust and diversified display technology product portfolio."
- He also points out the deal's reported price suggests Synaptics is paying ~2x sales, a major premium to Himax's current valuation of <1x EV/sales.
- Chardan's Jay Srivasta, who recently cut Himax to Sell, is less sanguine: He thinks Synaptics could take share from Himax at Samsung (also a major Synaptics client) and Chinese OEMs in time, while pressuring ASPs.
- Pac Crest is out with another bullish note on Synaptics. The firm thinks shares could rally to the $90-$110 range if the Renesas deal goes through.
From other sites
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at Nasdaq.com (Dec 11, 2014)
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