Wells Fargo initiates coverage of Synaptics (SYNA) with an Overweight rating and a $95 price target, suggesting around 29% upside potential based on Friday’s closing price. This recommendation comes amid Synaptics' strategic shift towards becoming a leading provider of chips for the expanding Internet of Things (IoT) sector, focusing specifically on Edge AI applications such as smartwatches and home appliances requiring real-time local processing capabilities instead of cloud reliance. The firm highlights Synaptics' innovative AI-native embedded computing solution, Astra, along with their collaboration with Google, as significant drivers behind this optimistic outlook.