Needham & Company Upgrades Silicon Image (SIMG) to Buy

Needham & Company upgraded Silicon Image (NASDAQ: SIMG) from Hold to Buy with a price target of $6.00, saying the Samsung inventory correction is behind the company and the company's 60GHz is an intriguing call option.

Analyst Rajvindra Gill said, "We are upgrading SIMG to a Buy as we feel the Samsung inventory correction is mostly in the rearview mirror, and we see a compelling story with its 60GHz pipeline. While the company saw headwinds this quarter related to Samsung, guidance for 3Q has us comfortable on the company's prospects heading into the 2nd half and we are intrigued by their 60GHz platform and competitive dynamic after the Wilocity acquisition by QCOM. We had previously downgraded the stock in January. SIMG traded down over 21%, and the SOX has been up 16%, so we now feel the stock is currently at a good entry point for investors."

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 $4.84 yesterday.

You May Also Be Interested In

• Evercore ISI Upgrades First Solar (FSLR) to Outperform
• Roth/MKM Upgrades Albertsons Companies Inc. (ACI) to Buy, 'Fundamental Floor and Improved Deal Likelihood'
• Northwest Bancshares, Inc. (NWBI) PT Lowered to $10 at Piper Sandler