Silicon Motion Technology (SIMO) PT Lifted to $28 at Needham & Company
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Needham & Company analyst Rajvindra Gill raised estimates and his price target on Buy-rated Silicon Motion Technology (NASDAQ: SIMO) after the company raised its top-line Q2 outlook sharply.
Gill commented, "SIMO, this morning, significantly raised its 2Q revenue and GM guidance: sequential revenue growth of 30-32% vs. previously announced 10-15% (mid-range implies $69.2M compared to our $59.5M). GMs are expected to be 51-52% vs. to 48-50%. The upside is coming from strength in eMMC and SSD, and LTE to a lesser extent. We believe SIMO is well-positioned to capitalize on the eMMC and SSD trend, with its legacy business “troughing”. In addition, SIMO could be a prime acquisition candidate by either a major flash vendor and/or large smartphone OEM given its expertise in TLC controller/SSD and LTE transceiver technology."
The firm raised FY 2014 EPS from $1.08 to $1.25 and FY 2015 EPS from $1.25 to $1.50.
Shares of Silicon Motion Technology closed at $21.49 yesterday.
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