Silicon Motion Technology (SIMO) PT Raised to $115 at Needham & Company as Order Book Pushes $1.5B
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Needham & Company analyst Rajvindra Gill raised the price target on Silicon Motion Technology (NASDAQ: SIMO) to $115.00 (from $100.00) after the company reported another strong quarter and guide. Estimates for '21 sales increase to $903M and gross margin jumps a full 200bps.
The analyst reiterated a Buy rating, stating "We foresee SIMO's sales run-rate exceeding $1B as soon as 4Q21 and note that it has secured enough capacity at TSMC to deliver at least $1.5B in sales in '22 (backed by purchase orders), with incremental capacity allocations. Net, the shares are trading at 9.5x P/E on our new FY22 est (ex-cash) - significantly undervalued in our view. After roughly five years of revenue stagnating in the $500M range, we think management has executed a positive structural shift in the business."
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