Magnachip Semiconductor (MX) PT Raised to $25 at Oppenheimer
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Oppenheimer analyst Martin Yang raised the price target on Magnachip Semiconductor (NYSE: MX) to $25.00 (from $21.00) while maintaining an Outperform rating.
The analyst commented, "MX delivered strong 4Q20 results-sales/adjusted EBITDA at $143M/$18.6Mcomparing to our above-consensus estimates of $131M/$14.9M. 4Q strength was attributed to strong demand for OLED DDIC and premium power products, and one-time benefit at Fab 3 due to the recovery from a power outage in 3Q. Similar to its peers, MX sees limited visibility given ongoing wafer shortage and COVID-19 related macro impact. That said, management expressed confidence in its product demand and new product line-up for 2021 and reminded investors that it's on track to achieved long-term strategic targets. Meanwhile, MX's board is actively evaluating options and preparing an update to its capital allocation and shareholder return plans. ReiterateOutperform and raising PT to $25 from $21."
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