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SYNA

Synaptics

$58.79

-0.87 (-1.46%)

, MRVL

Marvell

$17.45

0.19 (1.10%)

16:38
06/12/17
06/12
16:38
06/12/17
16:38

Synaptics sees accretion from 'smart home' acquisition

Synaptics (SYNA) announced that it has signed a definitive agreement to acquire Conexant Systems, a technology leader in voice and audio processing solutions for the smart home. Synaptics also announced the signing of a definitive agreement to acquire the Multimedia Solutions Business of Marvell Technology Group (MRVL), a leading provider of advanced processing technology for video and audio applications, also for the smart home. Both organizations have strong technology and market positions, and Synaptics believes the combination will immediately jumpstart its presence in the smart home market. The acquisitions are part of Synaptics' long term strategy to extend its human interface leadership into the consumer IoT era. With the acquisitions, Synaptics expects gross margins to be accretive immediately and to increase its total addressable market opportunity by 38 percent or $2.8 billion to $10.3 billion by 2020.For the year ended September 30, 2016, Conexant's net revenue was approximately $104M. Synaptics expects the transaction to be accretive to the company's Non-GAAP earnings per share in the first year following the close, excluding transaction related expenses. The acquisition is expected to close in the third calendar quarter of 2017, subject to customary closing conditions and regulatory clearance under the Hart-Scott-Rodino Act. Conexant Systems, Transaction Details: Subject to certain purchase price adjustments, the consideration of the transaction is approximately $300 million in cash and 726,666 shares of Synaptics' common stock. For the year ended September 30, 2016, Conexant's net revenue was approximately $104M. Synaptics expects the transaction to be accretive to the Company's Non-GAAP earnings per share in the first year following the close, excluding transaction related expenses. The acquisition is expected to close in the third calendar quarter of 2017, subject to customary closing conditions and regulatory clearance under the Hart-Scott-Rodino Act. Marvell Multimedia Solutions Business Transaction Details: The all-cash transaction is valued at approximately $95M. For the year ended January 28, the Multimedia Solutions Business of Marvell Technology Group net revenue was approximately $94 million. Synaptics expects the transaction to be accretive to its Non-GAAP earnings per share in the first year following the close, excluding transaction related expenses. The acquisition is expected to close in the third calendar quarter of 2017, subject to customary closing conditions. Synaptics intends to fund the transactions through a combination of cash and debt financing

SYNA

Synaptics

$58.79

-0.87 (-1.46%)

MRVL

Marvell

$17.45

0.19 (1.10%)

  • 15

    Jun

  • 26

    Jun

SYNA Synaptics
$58.79

-0.87 (-1.46%)

04/07/17
04/07/17
UPGRADE
Target $60

Buy
Synaptics upgraded to Buy at Needham
As previously reported, Needham analyst Rajvindra Gill upgraded Synaptics to Buy from Hold, with a $60 price target, saying his bearish thesis of lower gross margins and OLED market share loss has been played out and is now reflected in the stock. Despite the volatility in the business, Synaptics remains the dominant player in display market, possessing the engineering capability and scale to over time integrate touch, display and fingerprint on the display, and creating considerable barriers to entry, he contended.
04/07/17
NEED
04/07/17
UPGRADE
NEED
Buy
Synaptics upgraded to Buy from Hold at Needham
03/30/17
CHLM
03/30/17
NO CHANGE
CHLM
Samsung S8 launch positive for STMicroelectronics, others, says Craig-Hallum
Craig-Hallum analyst Tony Stoss notes that Samsung (SSNLF) Galaxy S8's features were as he had expected, which is positive for STMicroelectronics (STM), Cypress Semiconductor (CY) and Integrated Device Synaptics (IDTI), and largely a non-impact for Synaptics (SYNA). The analyst says Samsung using USB-C for the port should be a benefit for Cypress as it is the likely supplier of USB-C controllers for the phone. Additionally, Samsung has enabled the S8 for wireless fast charging and showcased a fast charge wireless pad, which is likely an ASP increase from previous wireless charging solutions Integrated Device Synaptics was providing. The phone also features a fingerprint sensor on the back that is likely Synaptics, he notes, adding that this should be roughly in-line with previous ASP's of fingerprint sensors that the latter has provided to Samsung.
03/21/17
COWN
03/21/17
NO CHANGE
COWN
Synaptics shares defended at Cowen
MRVL Marvell
$17.45

0.19 (1.10%)

05/26/17
SPHN
05/26/17
NO CHANGE
Target $25
SPHN
Overweight
Marvell running significantly ahead of gross margin expectations, says Stephens
Stephens analyst Harsh Kumar raised his price target on Marvell shares to $25 from $22 after the company's results and guidance handily beat consensus forecasts. He believes the company is running "significantly ahead" of its expectations for gross margin improvement while aligning into higher growth, higher margin businesses - such as Enterprise and Data Center - to which it has not been historically exposed. Kumar keeps an Overweight rating on Marvell shares.
05/26/17
CHLM
05/26/17
NO CHANGE
Target $21
CHLM
Buy
Marvell 'on the verge' of return to growth, says Craig-Hallum
Craig-Hallum analyst Christian Schwab noted that Marvell is already executing above its long-term gross margin target of above 60% and closing in on its operating margin target of about 30%. He sees Marvell as being "on the verge of returning to being a growth company" and reiterates a Buy rating and $21 price target on the stock following the company's better than expected Q1 report and guidance.
05/26/17
OPCO
05/26/17
UPGRADE
Target $23
OPCO
Outperform
Marvell upgraded to Outperform from Perform at Oppenheimer
Oppenheimer analyst Rick Schafer upgraded Marvell Technology Group to Outperform citing an expanding margin profile following the company's fourth consecutive earnings beat. Management remains ahead of schedule on the turnaround story, Schafer tells investors in a research note. He's a buyer at current levels with a $23 price target for the shares.
05/18/17
UBSW
05/18/17
NO CHANGE
Target $21
UBSW
Buy
Marvell shares will outperform when company addresses trends, says UBS
UBS analyst Stephen Chin laid out three reasons why he still likes Marvell (MRVL) shares. He cited its strong balance sheet and a decision on either a big buyback or an acquisition soon; expectations for storage sales to continue to grow; and his view that the concerns about the possibility of a competitor buying Toshiba's (TOSBF) memory assets are overblown. The analyst feels Marvell's valuation remains attractive and once the company addresses concerns about fundamental trends in storage, the stock should outperform. Chin maintained his Buy rating and $21 price target on Marvell shares.

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