Synaptics shares fell as much as 11 percent Monday after Bear Stearns analyst Andrew Neff cut his price target on the stock due to concerns about the company’s relationship with Apple, reports CBS Marketwatch. Synaptics makes touchpad technology for Apple and other companies. Neff said he cut his price target on Synaptics’ stock to US$49 from $53 a share because the Trackpad in Apple’s newly revamped line of PowerBooks doesn’t come from Synaptics. In a research note to clients, Neff said that “our concern is that TrackPad may signal a change in Apple’s strategy whereby in the future Apple may source all of its interface solutions internally.” Apple uses Synaptics technology for the iPod’s Click Wheel, as well as for other Apple products.
