Needham & Company Maintains a 'Buy' on Silicon Labs (SLAB); Expected CEO Transition Announced
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Price: $218.41 +0.05%
Rating Summary:
10 Buy, 19 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
10 Buy, 19 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company maintains a 'Buy' on Silicon Labs (NASDAQ: SLAB) price target of $50.00.
Analyst, Vernon Essi, Jr., said, "After the close last night, SLAB announced that its current CEO, Necip Sayiner, will be resigning and that the company’s COO Tyson Tuttle will be taking over the CEO role. The change is expected to take place on April 18th, whereupon further details of Mr. Sayiner's separation agreement will be disclosed. Both executives held a brief conference call to discuss the transition, and no questions were fielded. CFO Paul Walsh was also on the call supporting the transition and maintained that there are no changes to the financial guidance. This transition was not entirely unexpected, and while we believe this is an improvement in SLAB's overall long-term growth objectives, we are mixed on the decision. We are biased toward the stability of the Broad-Based business lines as opposed to the more aggressive growth vertical product lines that Mr. Tuttle
has successfully developed; thus we expect more volatility in SLAB shares as we believe it is likely to press its vertical strategy under Mr. Tuttle’s leadership."
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 $44.72 yesterday.
Analyst, Vernon Essi, Jr., said, "After the close last night, SLAB announced that its current CEO, Necip Sayiner, will be resigning and that the company’s COO Tyson Tuttle will be taking over the CEO role. The change is expected to take place on April 18th, whereupon further details of Mr. Sayiner's separation agreement will be disclosed. Both executives held a brief conference call to discuss the transition, and no questions were fielded. CFO Paul Walsh was also on the call supporting the transition and maintained that there are no changes to the financial guidance. This transition was not entirely unexpected, and while we believe this is an improvement in SLAB's overall long-term growth objectives, we are mixed on the decision. We are biased toward the stability of the Broad-Based business lines as opposed to the more aggressive growth vertical product lines that Mr. Tuttle
has successfully developed; thus we expect more volatility in SLAB shares as we believe it is likely to press its vertical strategy under Mr. Tuttle’s leadership."
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 $44.72 yesterday.
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