Collins Stewart analyst John Vinh this morning cut his rating on Synaptics (SYNA) to Neutral from Buy after last night’s announcement that CEO Tom Tiernan is stepping down for personal reasons.
“While we expect SYNA to remain a key strategic supplier of capacitive touchscreen technologies over the longer term, our recent checks have suggested significant share loss in smart phones,” he writs in a research note. “Moreover, the turnover at executive-level management is concerning as the resignation represents the third executive departure within the last two years.”
He adds that “gIven SYNA’s significant share loss, particularly at HTC, we infer Mr. Tiernan�s departure is performance related.”
SYNA is down $1.14, or 4.4%, to $24.69.
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