Pacific Crest Upgrades Silicon Motion Technology (SIMO) to Overweight

Pacific Crest upgraded Silicon Motion Technology (NASDAQ: SIMO) from Sector Weight to Overweight with a price target of $32.00. Analyst Monika Garg pointed out growth opportunities in SSDs and valuation.

"After our Vail conference and the Flash Summit, we are bullish on Silicon Motion’s growth opportunities in client SSDs. The stock is down 38% over the last couple of months on weak demand in China, but increasing penetration of client SSDs and larger market share should benefit SIMO. The Shannon acquisition could provide growth as Chinese customers prefer local technology. We are upgrading to Overweight with a $32 target, which is based on 11x our C2016 EPS estimate, plus $6 in net cash per share," said Garg.

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 $23.71 yesterday.

You May Also Be Interested In

• HSBC Downgrades Feng Tay Enterprises (9910:TT) to Hold
• Piper Sandler Downgrades Magnolia Oil & Gas Corp. (MGY) to Neutral
• Synovus Financial (SNV) PT Lowered to $42 at Piper Sandler