SiTime Corp. (SITM) PT Raised to $150 at Needham & Company

February 4, 2021 7:31 AM EST
Get Alerts SITM Hot Sheet
Price: $98.14 -1.26%

Rating Summary:
    6 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 20 | New: 68
Trade Now! 
Join SI Premium – FREE

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.

Needham & Company analyst Quinn Bolton raised the price target on SiTime Corp. (NASDAQ: SITM) to $150.00 (from $105.00) while maintaining a Buy rating.

The analyst commented, "

For its second consecutive quarter, SiTime reported record-setting results with revenue in 4Q20 growing 43% Y/Y driven by growth across all end markets while GM of 53.5% also set a record for the company. Revenue in 1Q21 is expected to decline Q/Q due to seasonality in IoT, Mobile & Consumer, partially offset by sequential growth in Auto, Ind & Mil. and Comms & Enter., but revenue is expected to grow ~50% Y/Y. Management continues to expect significant revenue growth in 2021 across all three end markets. SiTime also expects the first-half in 2021 to generate a higher percentage of annual sales than it normally does in a typical year. Further, 2021 GM is expected to expand by 3-4ppts. Based on SiTime's strong design wins, results and outlook, we are raising our estimates and PT to $150, based on an EV of ~15x our new CY22 sales estimate."

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst PT Change

Related Entities

Needham & Company