Silicon Motion Technology (SIMO) PT Lifted to $28 at Needham & Company
- Top 10 News for 10/27 - 10/31: Fed Ends Easing; Q3 was Tough on Social Media Giants; Apple CEO Cook Gets Personal
- With U.S. Fed Taking Foot Off the Pedal, BoJ and Japan's Pension Fund Accelerate
- ExxonMobil (XOM) Tops Q3 EPS by 18c
- AbbVie (ABBV) Tops Q3 EPS by 12c
- UPDATE: Virgin Galactic Reports Anomaly with Spaceship Two; One Fatality Confirmed
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Credit Suisse Downgrades Midcoast Energy Partners, L.P. (MEP) to Neutral
- Deutsche Bank Upgrades YRC Worldwide (YRCW) to Buy
- UPDATE: Global Hunter Securities Downgrades Hyster-Yale (HY) to Neutral
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesNeedham & Company, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!