Sigma Designs (SIGM) Up Almost 30% This Week
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Sigma Designs (Nasdaq: SIGM) stock has been extremely busy this week: the stock has not recorded a down day so far this week and has moved up about 27% since Monday. Shares moved up about 5% on both Tuesday and Wednesday, probably in anticipation of its earnings report after the bell yesterday.
Sigma Designs reported third quarter EPS of $0.79, 25 cents better than the consensus of $0.54. Revenues also came in much higher than the Street estimate: $66.2 million versus $51.56 million, respectively. With the earnings report, Sigma forecasted its fourth quarter revenues would grow at about 10-15%.
With such strong Q3 earnings, several analyst firms were forced to make comments and upgrade Sigma, driving the stock price even higher. RBC Capital upgraded Sigma Design from Sector Perform to Outperform and set a $73 price target. BWS Financial had to raise its price target on Sigma to $100 and said it likes the prospect of Sigma's IPTV as it sees "Comcast (Nasdaq: CMCSA) near the end of their trials with the technology and that there could be move to IPTV based services in 2008."
Shares of Sigma Designs have rallied more than 13% today, hitting a new all-time high at $69.08.
Sigma Designs, Inc. offers silicon-based digital media processors primarily for Internet protocol (IP) video technology, connected media players, high-definition televisions, and personal computers add-in and other markets.
Sigma Designs reported third quarter EPS of $0.79, 25 cents better than the consensus of $0.54. Revenues also came in much higher than the Street estimate: $66.2 million versus $51.56 million, respectively. With the earnings report, Sigma forecasted its fourth quarter revenues would grow at about 10-15%.
With such strong Q3 earnings, several analyst firms were forced to make comments and upgrade Sigma, driving the stock price even higher. RBC Capital upgraded Sigma Design from Sector Perform to Outperform and set a $73 price target. BWS Financial had to raise its price target on Sigma to $100 and said it likes the prospect of Sigma's IPTV as it sees "Comcast (Nasdaq: CMCSA) near the end of their trials with the technology and that there could be move to IPTV based services in 2008."
Shares of Sigma Designs have rallied more than 13% today, hitting a new all-time high at $69.08.
Sigma Designs, Inc. offers silicon-based digital media processors primarily for Internet protocol (IP) video technology, connected media players, high-definition televisions, and personal computers add-in and other markets.
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