BWS Financial Upgrades Sigma Designs (SIGM) to Buy

August 11, 2008 8:58 AM EDT

BWS Financial upgrades Sigma Designs (NASDAQ: SIGM) from Hold to Buy.

The firm said, "We are returning to Sigma Designs with a Buy rating after sitting on the sidelines since the beginning of the year. The inventory issue SIGM was going through at the start of the year has been resolved, and IPTV subscriber levels have continued to increase. The focus has shifted away from SIGM after the steep decline in shares to a level where it seems investors have parted ways in owning the stock. We consider these the moments where the downside is limited with upside opportunity. SIGM remains the market share leader in IPTV, though it could suffer competitive pressures in the blu-ray market, the other products in the pipeline provide the Company with additional streams of revenue. The IPTV customers SIGM has been able to win are still growing and some have only started to deploy the service at a commercial level."

Sigma Designs, Inc. offers silicon-based digital media processors primarily for Internet protocol (IP) video technology, connected media players, high-definition televisions, and personal computers add-in and other markets.

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