SiTime Corp. (SITM) PT Raised to 'Street High' $55 at Needham & Company

Needham & Company analyst Quinn Bolton raised the price target on SiTime Corp. (NASDAQ: SITM) to a 'Street High' $55.00 (from $40.00) while maintaining a Buy rating.

The analyst commented, "In conjunction with our industry note "Looking Beyond 2021 to Find a New Normal: Introducing Our 2022 Estimates," we are introducing our CY22 model and rolling forward our valuation methodology for our semiconductor coverage list. While we maintain our CY20 and CY21 estimates for SiTime, we are introducing our CY22 model, which includes revenue of $160MM and NG EPS of $1.25. Our new $55 price target is based on an enterprise value of ~6.5x our CY22 revenue estimate, which is in-line with the company's peer group average of 6.0x-6.5x based on CY22 estimates."

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