Piper Jaffray analyst Ruben Roy reiterated an Overweight rating and $58 price target on Silicon Labs (NASDAQ: SLAB) following Q1 results, with revenue slightly above expectations while EPS was in line.

Roy comments, "Broad-based product revenues dropped 2% sequentially, offset by 2% growth in both Timing revenue and Broadcast revenue. Non-GAAP gross margins were down 100bps q/q (60.2%) on mix. 2Q14 revenue and non-GAAP EPS is guided at $147m-$151m (+1-4% q/q) and $0.43-$0.47. Management expects a rebound in Broad-Based revenue in 2Q14 to record levels while Broadcast likely pulls back following a pull-in of revenue in 1Q14 related to video purchasing ahead of the upcoming World Cup. We continue to view SLAB in the early innings of opportunity around its 8-bit and 32-bit MCU products, supplemented by growth in its oscillator business and IoT business"

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Shares of Silicon Labs closed at $48.98 yesterday.