UPDATE: Deutsche Bank Initiates Silicon Motion at Buy on Growth Market Positioning

Deutsche Bank initiated coverage on Silicon Motion SIMO with a Buy rating and a price target of $24 a share. Deutsche Bank commented, "We believe Silicon Motion can deliver above market revenue growth through its strong position in flash controllers and LTE wireless solutions at Samsung Electronics (30% of revenue). SIMO's controller IP is increasingly differentiated in the market and underpins a trend of higher ASPs. Even with a more muted outlook for SIMO's LTE wireless solutions in 2013 (-3% y/y), we expect the company to continue to outperform its peers. Therefore, we initiate coverage with a Buy rating and $24 target price." Silicon Motion closed at $15.98 on Friday.