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Actionable news in SYNA: Synaptics Incorporated,

Redstone's Iyer Starts Synaptics With Buy-Equivalent, Sees 'Huge' Biometrics Opportunity

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Jagadish Iyer of Redstone Technology Research started coverage of Synaptics, Incorporated SYNA with a Positive rating and $103 price target, saying the company will benefit from secular growth in their core markets.

In a client note, Iyer said, "As biometrics adoption rises across smartphones, tablets, PC's and autos, we expect industry wide units to grow from 275m in 2015 to 1.7bn by 2019 (CAGR 44%), driving overall market to double this year to $1.4bn and grow another 50% next year. We see this as a huge opportunity for Synaptics, as its own biometric segment revenues should rise from $280m in CY15 to over $700m in CY17 as its presence expands beyond Korea into China."

Iyer added, "Our checks in China also indicate handset vendors are increasingly pushing for dual sourcing, which bodes well for Synaptics (FPC is a leader there). In the case of TDDI, where the market is expected to grow to $1.7bn by 2019 from de minimis levels last year, we see Synaptics capturing 40% share of the market over the next 3-4 years."

The analyst expects overall...