UPDATE: KeyBanc Upgrades Silicon Labs (SLAB) to Overweight
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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."
Shares of Silicon Labs closed at $144.65 yesterday.
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