Stifel raised its price target on SMART Global Holdings (NASDAQ: SGH) to $47.00 (from $40.00) while maintaining a Buy rating, following the company's first quarter earnings report.

Analyst Kevin Cassidy notes an increased price target on the shares, as the company reported first quarter earning per share and revenue results above consensus projections relative to pre-announced estimates supported by a recovering Brazilian economy, increasing dollar content in smart phones built in Brazil.