Silicon Labs (SLAB) Bullish View Maintained at Piper Jaffray Post Q1

Piper Jaffray analyst Ruben Roy reiterated an Overweight rating and $58 price target on Silicon Labs (NASDAQ: SLAB) following Q1 results, with revenue slightly above expectations while EPS was in line.

Roy comments, "Broad-based product revenues dropped 2% sequentially, offset by 2% growth in both Timing revenue and Broadcast revenue. Non-GAAP gross margins were down 100bps q/q (60.2%) on mix. 2Q14 revenue and non-GAAP EPS is guided at $147m-$151m (+1-4% q/q) and $0.43-$0.47. Management expects a rebound in Broad-Based revenue in 2Q14 to record levels while Broadcast likely pulls back following a pull-in of revenue in 1Q14 related to video purchasing ahead of the upcoming World Cup. We continue to view SLAB in the early innings of opportunity around its 8-bit and 32-bit MCU products, supplemented by growth in its oscillator business and IoT business"

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 $48.98 yesterday.

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