Synaptics has been caught up in the broader tech selloff. The pullback is a good entry point for investors who missed the original rally.

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This Is the Best-Performing Chip Stock. Why It’s Still a Buy.

The semiconductor shortage has been bad news for consumers and all kinds of manufacturers, but it has been a clear boon for chip investors. Since the start of 2020, chip stocks are up 82%, easily beating the 54% gain for the Nasdaq Composite. Big names like Advanced Micro Devices and Nvidia have gotten much of the attention, but a little known chip maker has beat them all: San Jose, Calif.–based Synaptics.

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Synaptics shares are trading sharply higher Wednesday, hitting a new all-time high after Morgan Stanley analyst Craig Hettenbach picked up coverage of the Internet of Things chip specialist with an Overweight rating and Street-high $173 price target.

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