Needham Believes MagnaChip (MX) Won’t Stop Here
In a report released today, Rajvindra Gill from Needham assigned a Buy rating to MagnaChip (MX), with a price target of $30.00. The company’s shares closed last Monday at $26.15, close to its 52-week high of $26.70.
According to TipRanks.com, Gill is a 5-star analyst with an average return of 17.7% and a 67.5% success rate. Gill covers the Technology sector, focusing on stocks such as Sequans Communications S A, Smart Global Holdings, and Everspin Technologies.
Currently, the analyst consensus on MagnaChip is a Moderate Buy with an average price target of $26.25, which is a 3.4% upside from current levels. In a report issued on March 26, Oppenheimer also assigned a Buy rating to the stock with a $25.00 price target.
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The company has a one-year high of $26.70 and a one-year low of $9.47. Currently, MagnaChip has an average volume of 1.17M.
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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.
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