Silicon Labs price target raised to $155 from $145 at Wells Fargo

Wells Fargo analyst Gary Mobley raised the firm’s price target on Silicon Labs to $155 from $145 and keeps an Overweight rating on the shares. The analyst believes the premium is warranted, given the scarcity value of the company’s IoT assets, the valuation multiples paid for these types of assets in recent M&A comps, and the premium growth rate for Silicon Labs.