Silicon Labs (SLAB) Highlighted as Independent Leader in New Growth Markets at Stifel
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Silicon Labs (NASDAQ: SLAB) is modestly higher Thursday (+1.5%) following positive commentary from Stifel analyst Tore Svanberg after meeting with management. The firm reiterated a Buy rating and raised its price target to $67.00 (from $65.00), noting in the semi merger frenzy, SLAB stands out as a independent leader in new growth markets.
Svanberg commented, "We remain impressed with Silicon Labs leadership and execution in IoT semiconductors, which has been further enhanced by its rapid pace of R&D initiatives and key selective acquisitions over the past 5+ years. We remain encouraged by the positive tone by management and highlight that the company is seeing good momentum following record revenue in 2Q16 in their strategic product areas, which now total 70% of revenue."
He added, "With the company now poised to benefit further in these key areas, coupled with less headwinds coming from its legacy businesses (Consumer Broadcast and Access - both becoming smaller % of overall rev), we believe Silicon Labs is back on a solid growth trajectory and will firmly outperform the overall analog, mixed-signal semiconductor industry."
Shares of Silicon Labs closed at $56.24 yesterday.
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