Silicon Motion price target raised to $93 from $90 at B. Riley

B. Riley analyst Craig Ellis raised the firm’s price target on Silicon Motion to $93 from $90 and keeps a Buy rating on the shares after hosting meetings with management. The meetings yielded positive near-term and even more bullish long-term takeaways, including potential for a 20%-25% long-term annual sales growth, led by ongoing share gain in an expanding controller market and further growth avenues like auto, the analyst tells investors in a research note.