Needham Sticks to Its Buy Rating for Silicon Laboratories (SLAB)


In a report released today, Rajvindra Gill from Needham maintained a Buy rating on Silicon Laboratories (NASDAQ: SLAB), with a price target of $100. The company’s shares opened today at $84.85.

Gill said:

“We maintain our Buy on SLAB but lower our PT to $100. SLAB posted a solid quarter and guide in light of the macroeconomic slowdown, specifically in China. We recommend investors find “safe haven” in secular stories such as IoT , EV, wireless infrastructure and machine learning. With respect to SLAB, 54% of its sales are related to IoT and 23% related to infrastructure, both secular growth drivers. We expect 20% growth in IoT as UK smart metering will re-accelerate shipments in 1Q19 and smart lighting will rebound. We lower our 2019 ests and PT to $100 to reflect some general softness in China.”

According to TipRanks.com, Gill is a 5-star analyst with an average return of 14.8% and a 54.5% success rate. Gill covers the Consumer Goods sector, focusing on stocks such as Everspin Technologies Inc, Smart Global Holdings Inc, and Adesto Technologies Corp.

Silicon Laboratories has an analyst consensus of Strong Buy, with a price target consensus of $107, a 26.1% upside from current levels. In a report issued on October 22, Roth Capital also maintained a Buy rating on the stock with a $100 price target.

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The company has a one-year high of $110.70 and a one-year low of $77.76. Currently, Silicon Laboratories has an average volume of 297.6K.

Based on the recent corporate insider activity of 57 insiders, corporate insider sentiment is negative on the stock.

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Silicon Labs engages in the provision of silicon, software and solutions for a smarter, more connected world. Its products include Internet of Things products, which include microcontroller, wireless and sensor products; broadcast products, which include broadcast consumer and automotive products; infrastructure products, which include timing products, and isolation devices; and access products, which include voice over IP products, embedded modems and Power over Ethernet devices. The company was founded by Navdeep S. Sooch, David R. Welland, and Jeffrey W. Scott in August 1996 and is headquartered in Austin, TX.

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