UPDATE: Citigroup Raises PT to $57 on Silicon Laboratories; Growth Despite Macro

Citigroup reiterated its Buy rating on Silicon Laboratories

and increased its price target from $48 to $57. Citigroup noted, "We increase C13 EPS to $2.66 from $2.43 with 6.5% higher sales and 50bps lower GM contributing to the variance. … We believe higher multiples are now appropriate for SLAB given: a) demonstrated above average and macro independent sector growth rates; and b) acquisition premium." Silicon Laboratories closed at $42.29 on Wednesday.