Kaufman Bros. Maintains a 'Buy' on Silicon Laboratories (SLAB); Raises Price Target
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Kaufman Bros. maintains a 'Buy' on Silicon Laboratories, Inc. (NASDAQ: SLAB), raises price target from $52 to $56.
Kaufman analyst says, "Silicon Labs preannounced upside to prior revenue and EPS expectations for 3Q09, now forecasting revenue between $123 million-$126 million (+18%-21% Q/Q) versus prior guidance of +9%-14% Q/Q. We believe Silicon Labs continues to see broad product-driven strength in ramps. We believe margins are positioned to benefit in the current upside, with operating margins now expected to exceed model 25% levels, and EPS now being guided to $0.60-$0.62 for the quarter (up from prior $0.48-$0.53 expectations). We think SLAB product momentum can drive growth and are now modeling revenue to exceed prior peak levels in 3Q09."
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