UPDATE: Rodman & Renshaw Raises PT to $25 on Silicom, Maintains Outperform
Rodman & Renshaw reiterates its Outperform rating on Silicom (NASDAQ: SILC) and raises its price target to $25 from $20 as the company beats estimates on its fourth quarter earnings release.
Rodman & Renshaw says, "The company's strong performance in 2011 was driven by momentum in orders and a diversified product line. On the call, management sounded optimistic about the SETAC product line, which positions the company for growth in the network appliance space. The company indicated that it had 10-15 potential customers for SETAC in the pipeline that may be at various stages of evaluation. We believe SILC's solutions are being adopted by bigger players in the server / network space that should enable better visibility over time."
SILC closed at $19.33 a share on Monday.
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