Drexel Hamilton Reiterates Buy on Silicon Labs (SLAB) Following Solid 2Q Results

Drexel Hamilton reiterated a Buy rating and $52.00 price target on Silicon Labs (NASDAQ: SLAB) following the company's 2Q earnings report. June sales of $174.9 million, beat the Street consensus of about $170.5 million. EPS of $0.75 was strongly ahead of the Street consensus of $0.64.

Analyst Cody Acree commented, "Most of the EPS upside looks to have come from the strong gross margin, which increased to 62.3% from 59.6% sequentially, easily beating our 61% estimate, which had also been the company’s guidance. The margin upside looks to have been driven by the sequential strength in the infrastructure division, although IoT also likely contributed."

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

Shares of Silicon Labs closed at $52.50 yesterday.

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