In a report released today, Rajvindra Gill from Needham maintained a Buy rating on Silicon Motion (NASDAQ: SIMO), with a price target of $60. The company’s shares closed yesterday at $51.
Gill wrote:
“We are raising our PT to $60 and increasing our sales and EPS estimates for 2018 and 2019 as we believe the new supply of 3D NAND coming online is driving down prices, and hence accelerating the attach rates for client SSDs. In the 2H17, PC OEMs slowed the adoption of client SSDs due to higher NAND prices from the 2D-3D NAND transition; however, our checks indicate that attach rates are set to exceed 50%+ in client SSDs as 3D NAND pricing has declined substantially.”
According to TipRanks.com, Gill is a top 100 analyst with an average return of 22.7% and a 70.1% success rate. Gill covers the Consumer Goods sector, focusing on stocks such as Smart Global Holdings Inc, Everspin Technologies Inc, and Adesto Technologies Corp.
Silicon Motion has an analyst consensus of Moderate Buy, with a price target consensus of $54.25.
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The company has a one-year high of $56.51 and a one-year low of $40.33. Currently, Silicon Motion has an average volume of 276.7K.
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Silicon Motion Technology Corp. engages in the development, manufacture, and supply of semiconductor products for the electronics market. It operates through the following segments: Mobile Storage, Mobile Communications, and Others. It offers embedded and expandable storage, radio frequency integrated circuits, and embedded graphics.
