SiTime Corp. (SITM) PT Raised to $30 at Needham & Company

Needham & Company analyst N. Quinn Bolton raised the price target on SiTime Corp. (NASDAQ: SITM) to $30.00 (from $26.00) while maintaining a Buy rating following conference presentation.

The analyst commented, "At its first conference since its IPO, SiTime presented and hosted meetings with investors at Needham's 22nd Annual Growth Conference this week. SiTime highlighted the high performance features of MEMS-based timing solutions compared to legacy quartz-crystal based timing devices. SiTime also reviewed its revenue growth opportunities across end markets and highlighted the opportunity to round out its all-silicon based product portfolio with standalone resonators and clock ICs. Management also noted traction across applications such as stylus and wearables. With continued confidence in our model, we are increasing our PT to $30, based on an enterprise value of 4.0x our CY21 revenue estimate. This EV/Sales multiple is a discount to SiTime's analog/mixed-signal peer group that currently trades at an EV equal to 5.5x expected CY21 revenue."

You May Also Be Interested In

• Coherent (COHR) PT Raised to $420 at Needham
• LG Electronics India (LGEL:IN) PT Raised to INR1,815 at ICICI Securities
• Indigo Paints (INDIGOPN:IN) PT Raised to INR1,300 at ICICI Securities