Deutsche Bank Starts Silicon Motion Technology (SIMO) at Buy; Strong Position in High-Growth Markets

August 13, 2012 7:21 AM EDT
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Price: $43.62 --0%

Rating Summary:
    10 Buy, 3 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 23 | Down: 31 | New: 34
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Deutsche Bank initiates coverage on Silicon Motion Technology (NASDAQ: SIMO) with a Buy. PT $24.00.

Deutsche analyst, said, "We believe Silicon Motion can deliver above market revenue growth through its strong position in flash controllers and LTE wireless solutions at Samsung Electronics (30% of revenue). SIMO's controller IP is increasingly differentiated in the market and underpins a trend of higher ASPs. Even with a more muted outlook for SIMO's LTE wireless solutions in 2013 (-3% y/y), we expect the company to continue to outperform its peers."

"We model 2012 of $284m (+27% y/y)/PF EPS $1.78 and 2013 of $317m (+12% y/y)/$2.00 on 48.3% GM."

For an analyst ratings summary and ratings history on Silicon Motion Technology click here. For more ratings news on Silicon Motion Technology click here.

Shares of Silicon Motion Technology closed at $15.98 yesterday.

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