Silicon Labs (SLAB) PT Raised to $150 at Needham & Company Following EPS
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Needham & Company analyst Rajvindra Gill raised the price target on Silicon Labs (NASDAQ: SLAB) to $150.00 (from $120.00) while maintaining a Buy rating.
The analyst commented, "SLAB reported strong sales, beating the top end of its guidance range by 5%, but Non-GAAP GMs came in at 58.6%, 40bps below the midpoint. A clear sign of demand outstripping supply (50% growth in bookings) driven by IoT and EVs, SLAB reported increasing lead times and rising costs due to foundry capacity wafer limits, noting its main foundry partner, TSMC, is reportedly 40-50% overbooked. A shift to more IoT vs. Infra/Auto revenues also negatively impacts GMs. As more capacity comes online, we expect margins to gradually improve. We are raising our PT to $150 on our newly rolled-out ests of $3.60."
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