FBR Capital Raises PT on Silicon Laboratories from $36 to $40, Maintains Market Perform

FBR Capital raises its price target from $36 to $40 on Silicon Laboratories

and maintains its Market Perform rating in a research report out today. In the report, FBR Capital writes, "Wednesday, Silicon Labs reported upside 4Q11 financial results (except for gross margins that some will complain are too low) and 1Q12 revenue guidance as product cycles in touchscreen controllers, LCD TV tuners, MCUs, and timing more than fully offset legacy product declines in handset FM tuners and access products and as customer inventory declines waned. Encouragingly, management said that orders began to grow meaningfully in December and January as customers needed more inventory and began pulling chips at consumption rates, another sign that the cyclical bottom is at hand." Shares of Silicon Laboratories are currently trading at $46.60, down 1% from yesterday's close.