Silicon Motion Technology (SIMO) PT Raised to $100 at Cowen

Cowen analyst Karl Ackerman raised the price target on Silicon Motion Technology (NASDAQ: SIMO) to $100.00 (from $85.00) while maintaining an Outperform rating.

The analyst commented, "Even with this upward advancement, SIMO is one of the few names in semis, if only one, that is trading below its 5-year median P/E. The $1B revenue outlook by 2023 that appeared aspirational earlier this year now seems highly credible thanks to a burgeoning $1.5B order backlog across NAND OEMs. We continue to see reward/risk skewed to the upside w/ $7+ EPS well insight. Target to $100."

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