Magnachip Semiconductor (MX) PT Raised to $14 at Needham & Company

Needham & Company analyst Rajvindra Gill raised the price target on Magnachip Semiconductor (NYSE: MX) to $14.00 (from $10.00) while maintaining a Buy rating. Rajvindra Gill notice that MX beat revenue expectations for the first quarter, while missing on earnings. MX has continued to benefit from increased OLED penetration and strength in its premium power products. Foundry continued to be soft, but is expected to stabilize in Q2 and then gradually recover. Evaluation of the Foundry business is ongoing. We are raising our PT to $14, implies 0.9x EV/sales ('20) on higher confidence that foundry will rebound.

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