MagnaChip (MX) Receives a Buy from Needham

Needham analyst Rajvindra Gill maintained a Buy rating on MagnaChip (MXResearch Report) today and set a price target of $13.00. The company’s shares opened today at $9.42.

Gill covers the Technology sector, focusing on stocks such as Nvidia, Synaptics, and Qorvo. According to TipRanks, Gill has an average return of 9.4% and a 50.63% success rate on recommended stocks.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for MagnaChip with a $14.00 average price target, a 48.62% upside from current levels. In a report released today, Roth Capital also maintained a Buy rating on the stock with a $15.00 price target.

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MX market cap is currently $452.6M and has a P/E ratio of 6.62.

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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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