Brean Capital Raises Price Target On Silicon Motion Technology On Strong Report And Guidance

In a report published Wednesday, Brean Capital analyst Mike Burton reiterated a Buy rating on

, and raised the price target from $32.00 to $35.00. In the report, Brean Capital noted, “Silicon Motion (SIMO) had its earnings conference call this morning before the open. We are very encouraged by the progress in SSDs, including the announcement of a 4th Flash OEM partner to ramp in the 2H as well as volume shipments to 2 others (we assume Micron and Hynix) and initial shipments last quarter to Lite-On. We are increasing our estimates slightly, with a commensurate increase in our target price to $35 from $32, and reiterating our Buy rating. We remain very bullish on what we view as above-average growth prospects in the near and long term.” Silicon Motion Technology closed on Tuesday at $28.57.