Silicon Motion Quarterly Update; Brean Capital Reiterates Buy

In a research report published today, Brean Capital analyst Mike Burton reiterated a Buy rating on Silicon Motion (NASDAQ:SIMO) with a $32 price target, as the company released fourth-quarter earnings after market close last night.

Burton observed, “With results coming at the high-end of SIMO’s preliminary report along with better-than-expected seasonal guidance for Q1, we believe that Street estimates will ultimately come up. We continue to like SIMO’s growth prospects as eMMC and SSD solutions ramp in FY15 especially in light of PR announcements of a 4th Flash OEM partner for eMMC, and progress on SSD ramps.”

Furthermore, “We view the company’s 2015 guidance as in line with the Street and our estimates which we view positively considering SIMO’s predilection to guide conservatively the last 2 years. We reiterate our Buy rating and see considerable upside in the shares.”

Silicon Motion Technology Corporation, a fabless semiconductor company, designs, develops, and markets semiconductor solutions for mobile storage and mobile communications markets. 

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