Last month, Reiner cut his rating on the maker of touchscreens used in mobile phones and other devices–on the theory that the aggressive $199 price tag on the new Apple (AAPL) iPhone 3G “will limit the market opportunity for Synaptics’ stable of potential customers.”

Today he changed his mind and flipped back to an Outperform rating, from Perform. “We downgraded a month ago on the thesis that the iPhone’s price reduction would curtail the market opportunity for the competing touchsceen handsets that Synaptics supplies,” he wrote today. “Our thesis was wrong.”

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