Morgan Stanley analyst Ray Wu upgraded Silicon Motion to Overweight from Equal Weight with a price target of $88, up from $59. The company has “ample business tailwinds,” including a larger backlog and margin expansion, along with potentially more business upside from the artificial intelligence era, the analyst tells investors in a research note. The firm says Silicon’s business is “finally back to a better position” after the raised 2024 revenue outlook, which reflects strong orders from clients and the introduction of a more comprehensive product portfolio.
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Read More on SIMO:
- Silicon Motion price target raised to $90 from $80 at BofA
- Silicon Motion Reports Mixed Q1 Results, Optimistic Outlook
- Silicon Motion raises FY24 revenue view to $800M-$830M, consensus $793.3M
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- Silicon Motion reports Q1 EPS 64c, consensus 57c