A Stunning Comeback Has Made This Tech Stock Worth Buying
It wasn't long ago that Synaptics (NASDAQ: SYNA) was struggling on account of executive turnover and huge declines in its top and bottom lines. But all of a sudden, the chipmaker is looking like a top tech stock after its latest round of results.
Synaptics delivered a massive earnings surprise in the first quarter of fiscal 2020. Its earnings per share of $1.22 crushed Wall Street's $0.73 estimate. Management credited the launch of new products by customers for this impressive beat. According to CEO Michael Hurlston, "Our September quarter was stronger than expected, as we had a number of successful large OEM customer product launches this quarter, including smart home devices leveraging our edge computing SoCs [system on a chip], and new smartphones with both LCD and OLED panels featuring our display and touch IC [integrated circuit] solutions."
Not surprisingly, Synaptics stock surged as the company's latest results indicate that it is firmly on the path to a turnaround. But should investors take the plunge and go long on Synaptics based on last quarter's performance? Let's find out.
Source Fool.com
