Silicon Motion price target raised to $85 from $75 at Needham

Needham analyst Rajvindra Gill raised the firm’s price target on Silicon Motion (SIMO) to $85 from $75 and keeps a Buy rating on the shares. The company’s Q4 earnings miss was due to excess inventory across the supply chain, especially at its customer Micron (MU), the analyst tells investors in a research note. The firm adds that the first half of 2023 should be a trough as the industry works through surplus inventory and looks for growth to resume in the second half of the year.