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Synaptics (SYNA) shares are sharply lower today after Lazard Capital analyst Daniel Amir cut his rating on the stock to Sell from Hold. He lowered his EPS estimate for the March 2009 fiscal year to $1.83 from $1.97; for 2010, he goes to $2.06 from $2.25.

The issue: Synaptics makes touch pads for PCs; Intel made it clear last night that demand for PCs has been crimped by the global economic downturn.

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Synaptics (SYNA) shares are on the rise after hours on stronger-than-expected results for its fiscal first quarter ended September and guidance that beat Street expectations.

For Q1, the maker of notebook touch pads posted revenue of $115.9 million and non-GAAP profits of 50 cents a share; the Street had expected $110.9 million and 44 cents. For Q2, the company sees revenue of $135 million to $145 million, above the Street at $122.6 million.

For the June 2009 fiscal year, the company now sees revenue up 25%-35%, up from previous guidance of 20%-30%.

Synaptics (SYNA) shares seem to be getting a boost from the hoo-hah today over the new Research In Motion (RIMM) touch screen phone, the Blackberry Storm. The reason, of course: Synaptics makes the touchscreen for the phone. The on-screen keyboard for the Storm in intended to feel more like a real keyboard; the screen depresses slightly, and using “haptics” technology to vibrate, provides feedback to your fingers for more accurate typing.