If Synaptics (SYNA) is exploring a sale to Dialog Semiconductor (DLGNF) at higher than $59 per share or $2B as reported Friday by Bloomberg, then there should be room for the talks to continue given Dialog's net cash position, JPMorgan analyst Paul Coster tells investors in a research note. The analyst sees a path forward even without synergies given the deal's strategic rationale. He cautions, however, that Synaptics was reported to have turned down a higher bid by a Chinese Consortium in 2016 and that Tsinghua's 9% stake in Dialog could be a "CFIUS red-flag." Coster has an Overweight rating on Synaptics with a $52 price target. The analyst sees a potential offer price for the company in the $66-$75 per share range. Combined EBITDA of $495M, synergies as high as $100M, and solid balance sheets provide room for an all-cash bump, Coster writes.