MagnaChip (MX) Gets a Buy Rating from Needham
Needham analyst Rajvindra Gill assigned a Buy rating to MagnaChip (MX) today and set a price target of $30.00. The company’s shares closed last Friday at $23.30.
According to TipRanks.com, Gill is a 5-star analyst with an average return of 18.2% and a 70.9% success rate. Gill covers the Technology sector, focusing on stocks such as Sequans Communications S A, Smart Global Holdings, and Everspin Technologies.
MagnaChip has an analyst consensus of Moderate Buy, with a price target consensus of $27.50.
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Based on MagnaChip’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $123 million and GAAP net loss of $7.47 million. In comparison, last year the company earned revenue of $120 million and had a GAAP net loss of $23.75 million.
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MagnaChip Semiconductor Corp. engages in the design and manufacture of analog and mixed-signal semiconductor products. It operates through the following segments: Foundry Services Group and Standard Products Group. The Foundry Services Group segment provides specialty analog and mixed-signal foundry services for fabless and Integrated Device Manufacturer semiconductor companies. The Standard Products Group segment consists of Display Solutions, which offers panel display solutions to the suppliers of large, small and flexible panel displays and Power Solutions, which comprises discrete and integrated circuit solutions for power management in consumer, communication, and industrial applications. The company was founded on November 26, 2003 and is headquartered in Luxembourg.