UPDATE: KeyBanc Upgrades Silicon Labs (SLAB) to Overweight

April 23, 2021 4:50 AM EDT
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Price: $144.45 +1.00%

Rating Summary:
    14 Buy, 14 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 14 | Down: 9 | New: 25
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(Updated - April 23, 2021 5:00 AM EDT)

KeyBanc analyst John Vinh upgraded Silicon Labs (NASDAQ: SLAB) from Sector Weight to Overweight with a price target of $185.00.

The analyst comments "We are upgrading SLAB to OW following its divestiture of its Infrastructure & Auto franchise, which had been masking growth in IoT, which had been growing at 16% over the last 7 years. With the divestiture of the non-IoT segments, we anticipate the increased focus will drive LT sustained revenue growth of 20%+. Additionally, as a pure play IoT company, we anticipate an even higher likelihood the Company will be acquired. As such, we expect the multiple to rerate, supporting our $185 PT, which is based on 7x EV/sales."

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 $144.65 yesterday.

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