Needham Believes MagnaChip (MX) Won’t Stop Here
Needham analyst Rajvindra Gill reiterated a Buy rating on MagnaChip (MX) today and set a price target of $30.00. The company’s shares closed last Wednesday at $21.48, close to its 52-week high of $21.93.
According to TipRanks.com, Gill is a 5-star analyst with an average return of 15.3% and a 64.7% success rate. Gill covers the Technology sector, focusing on stocks such as Sequans Communications S A, Smart Global Holdings, and Everspin Technologies.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for MagnaChip with a $26.25 average price target, implying a 30.2% upside from current levels. In a report issued on February 18, Oppenheimer also maintained a Buy rating on the stock with a $25.00 price target.
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Based on MagnaChip’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $143 million and net profit of $66.58 million. In comparison, last year the company earned revenue of $395 million and had a net profit of $23.43 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.