Magnachip Semiconductor (MX) PT Raised to $20 at Citi

Citi analyst Atif Malik raised the price target on Magnachip Semiconductor (NYSE: MX) to $20.00 (from $19.00) while maintaining a Neutral rating.

The analyst comments "We update our model post Dec-Q earnings. We increase our CY21/22 EPS by 3c/5c to reflect higher display and power solutions demand. We believe Magnachip’s diversified design pipeline to both Korean and Chinese smartphone makers for rigid and flexible OLED helps it outperform smartphone market in 2021. We believe divestiture of foundry biz unlocks significant value in the long-term and our bull case of $25 reflects ~$1.30 earnings power. We view investor day on April 20th as the next catalyst for the stock and await full details on the long-term target model. Our new target price of $20 is based on consistent TDDI peer adjusted P/E times our revised C22 EPS. Remain Neutral-rated."

You May Also Be Interested In

• Fiserv (FI) PT Raised to $175 at TD Cowen
• Spotify (SPOT) PT Raised to $396 at Rosenblatt
• W.R. Berkley (WRB) PT Lowered to $85 at Evercore ISI