Drexel Hamilton raised its price target on Silicon Labs (NASDAQ: SLAB) to $85.00 (from $80.00) while maintaining a Buy rating following strong Q1 results.

Analyst Cody Acree noted upside was driven by IoT strength, which was up 3% sequentially and up 24% annually.

Acree sees the sell-off on the news as "simple profit taking and a growing sense of investor and analyst skittishness versus any fundamental disappointment."