Needham & Co. Positive on Silicon Image (SIMG) and Its 60GHz Technology

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Needham & Company reiterated a Buy rating Silicon Image (NASDAQ: SIMG) with a price target of $7.00.

Analyst Rajvindra S. Gill said, "Over the last several quarters, SIMG has seemingly made a strategic bet with 60GHZ technology, and have bet big that mobile gaming and streaming content will continue to spur the adoption of wireless mirroring."

Rajvindra thinks there is sizable upside opportunity if 60GHz technology is adopted at a faster rate than expected, but for now he thinks he company is on track to grow revenues with solid gross margins, and a strong cash position.

"For these reasons we believe it deserves to trade at a premium to the peer group," stated the analyst.

For an analyst ratings summary and ratings history on Silicon Image click here. For more ratings news on Silicon Image click here.

Shares of Silicon Image closed at $4.74 yesterday, with a 52 week range of $3.53-$6.20.

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