Baird Remains Bullish on Sigma Designs (SIGM) Following 1Q Beat
Baird maintained an Outperform rating and $10.00 price target on Sigma Designs (NASDAQ: SIGM) following the company's 1Q earnings report. SIGM's reported EPS of ($0.12) was below the Street's consensus estimate of ($0.05). Revenue of $53.8 million was in line with the midpoint of guidance of $52.0-$56.0 million. The company's 2Q17 revenue guidance midpoint of $61.5 million is well above the consensus of $57.7 million.
Analyst Tristan Gerra commented, "Reiterating Outperform rating on multiple revenue growth vectors, including large potential in short- and long-range IoT applications, 4K TVs, and G.Hn. Beyond second-half non-U.S. telco win ramps, Sigma’s U.S.-based IoT revenue could find another significant uplift next year, fueled by new products, maturing ecosystem and standards, and longer range applications."
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Shares of Sigma Designs closed at $7.44 yesterday.