Silicom (SILC): Raising PT On Expected Beat/Raise Quarter - Needham
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Needham & Company analyst, Alex Henderson, reiterated his Buy rating on shares of Silicom Ltd. (NASDAQ: SILC) and raised his price target to $48 from $43. The analyst believes that Silicom looks poised to beat and raise again in the CY3Q September quarter.
The analyst states "Silicom is seeing strengthening demand conditions and substantial success in new design wins. Key verticals are driving Silicom's growth. Over half their new wins are coming from Security and from SD-WAN. In addition, Silicom has added more new customers in CY16 than in any recent previous year. We see strength at Silicom as a positive indicator of Enterprise demand and it suggests some marginal improvement in conditions. Importantly, Silicom's strength in Security, Encryption, virtualization/white label and higher speed network environments all are bolstering the company."
Shares of Silicom Ltd. closed at $41.23 yesterday.
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