UPDATE: Wunderlich Raises PT on Silicon Laboratories to $40

Wunderlich is out with its report today on Silicon Laboratories (NASDAQ: SLAB), raising its PT from $33 to $40.

In its report, Wunderlich writes, "SLAB was early to see weakness in end markets and has also been early seeing a recovery, albeit only modestly. Given the positive momentum with the business and solid fundamentals, we believe the stock justifies a higher multiple and are raising our price target to $40 from $33."

Wunderlich maintains Hold on SLAB.

At the time of posting, shares of SLAB were trading at $44.04, up 0.57% from Thursday's close.