Silicon Motion Technology (SIMO) PT Raised to $82 at Needham & Company
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Needham & Company analyst Rajvindra S. Gill raised the price target on Silicon Motion Technology (NASDAQ: SIMO) to $82.00 (from $72.00) while maintaining a Buy rating.
The analyst commented, "Silicon Motion released preliminary Q1-21 results, with expectations (25% revenue growth Q/Q) well above initial guidance (7 - 12% Q/Q). Gross margins are also expected in the high end of the initial 48-50% non-GAAP range. We believe the upside has likely been driven by either client SSD adoption or UFS controllers. On April 1st Micron (SIMO;s top customer on UFS and client SDDs) reported that NAND was stabilizing and also reported strong results in the PC end market. In SSD controllers, steady ASPs suggest that volumes are increasing, a result of strong consumer demand and market share gains. Meanwhile, UFS controllers are proliferating from high to mid-tier handsets. Given these results, we are increasing our sales and EPS estimates on continued positive momentum and raising our PT to $82."
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