Needham & Company Upgrades Silicon Labs (SLAB) to Buy
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Needham & Company analyst Rajvindra Gill upgraded Silicon Labs (NASDAQ: SLAB) from Hold to Buy with a price target of $115.00.
The analyst commented, "We are upgrading SLAB to a Buy from a Hold and establishing a $115 PT. The stock has fallen 24% YTD vs. -8% for the SOX. Shares are now trading at 26.7x our 2020 EPS estimate, a 23% discount to its peak P/E multiple. While COVID-19 will remain an overhang, we think we are approaching a bottom in the shares. We had been looking for an attractive entry point; we believe at these levels, we found it. Based on recent commentary from MCHP and NXPI, customer orders in China are rebounding as manufacturing plants come online, and there could be a sizable snapback in June. Moreover, we find SLAB's positioning in IoT compelling, specifically around wireless IoT (2/3 of IoT). We also expect its 3/12 Analyst Day will serve as a catalyst for the shares with possible updates to gross and operating margin targets along with revenue growth projections."
Shares of Silicon Labs closed at $92.06 yesterday.
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