Needham & Company Reiterates a 'Buy' on Silicon Motion Technology (SIMO); Seeing Upside to Results

Needham & Company reiterates a 'Buy' on Silicon Motion Technology (NASDAQ: SIMO) price target of $30.00.

Analyst, Rajvindra S. Gill, said, "We believe SIMO will meet/beat its 1Q guidance of a 5-15% decrease Q/Q as seasonal softness in the card controller business is factored into estimates. We believe 2Q12 guidance could be above expectations driven by higher ramp of Samsung LTE phones and eMMC controller sales. Shares are trading at 8x 2013E P/E ex-cash, and we continue to recommend share accumulation on weakness ahead of earnings...We believe SIMO is tracking to 1Q estimates of $60.0MM/$0.32 (vs Street $61.2MM/$0.33)."

For an analyst ratings summary and ratings history on Silicon Motion Technology click here. For more ratings news on Silicon Motion Technology click here.

Shares of Silicon Motion Technology closed at $18.17 yesterday.

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