Silicon Motion Technology Corp. (ADR) (SIMO) is Reiterated by Needham to Buy, Raises Price Target to $ 60

Silicon Motion Technology Corp. (ADR) (SIMO) was Reiterated by Needham to “Buy” according to the research note released today. The brokerage firm has raised the Price Target to $ 60 from a previous price target of $47 . Needham advised their investors in a research report released on Jul 8, 2016.

Many Wall Street Analysts have commented on Silicon Motion Technology Corp. (ADR). Company shares were Reiterated by Craig Hallum on Jul 7, 2016 to “Buy”, Firm has raised the Price Target to $ 67 from a previous price target of $48 .Company shares were Reiterated by Susquehanna on Apr 20, 2016 to “Positive”, Firm has raised the Price Target to $ 46 from a previous price target of $38 .

On the company’s financial health, Silicon Motion Technology Corp. (ADR) reported $0.68 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Apr 27, 2016. Analyst had a consensus of $0.65. The company had revenue of $112.68 million for the quarter, compared to analysts expectations of $112.03 million. The company’s revenue was up 39.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.48 EPS.

Silicon Motion Technology Corp. (ADR) closed down -0.07 points or -0.15% at $47.74 with 4,00,231 shares getting traded on Tuesday. Post opening the session at $47.97, the shares hit an intraday low of $47.41 and an intraday high of $48.42 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

Silicon Motion Technology Corporation (SMTC) is a fabless semiconductor company. The Company designs develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. For the mobile storage market the Company’s products are microcontrollers used in solid state storage devices such as Solid State Drives (SSDs) Embedded Multimedia Cards (eMMCs) and other embedded flash applications as well as removable storage products. For the mobile communications market the Company’s products are mobile communication transceivers and mobile television (TV) System on Chips (SoCs). The Company’s products are used in smartphones tablets notebooks desktop personal computers and industrial and commercial applications. The Company markets its mobile storage products under the SMI brand and mobile communications products under the FCI brand.

Silicon Motion Technology Corp. (ADR)

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