JPMorgan upgraded Silicon Motion to Overweight from Neutral with a price target of $77, up from $54. The analyst says the recovery in PC demand and continued market share gains should drive a continued improvement in solid-state drive controller revenues. Silicon Motion is positioned well for the next product cycle in late 2024 and should continue to gain share and see selling price upgrades with new 7nm/12nm SSD controllers, the analyst tells investors in a research note. The firm says the stock has underperformed but will catch up as fundamentals continue to improve.
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