Silicon Motion (SIMO) Receives a Buy from B.Riley FBR


B.Riley FBR analyst Craig Ellis reiterated a Buy rating on Silicon Motion (SIMO) today and set a price target of $58.00. The company’s shares closed last Wednesday at $41.43.

According to TipRanks.com, Ellis is a 3-star analyst with an average return of 1.4% and a 50.9% success rate. Ellis covers the Technology sector, focusing on stocks such as Sequans Communications S A, Axcelis Technologies, and Skyworks Solutions.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Silicon Motion with a $57.00 average price target, representing a 37.4% upside. In a report issued on July 27, Nomura also maintained a Buy rating on the stock with a $48.00 price target.

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Based on Silicon Motion’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $133 million and net profit of $25.92 million. In comparison, last year the company earned revenue of $94.69 million and had a net profit of $8.27 million.

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Silicon Motion Technology Corp. engages in the development, manufacture, and supply of semiconductor products for the electronics market. It offers embedded and expandable storage, radio frequency integrated circuits, and embedded graphics. The company was founded in November 2005 and is headquartered in Hong Kong.

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