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Analyst lowers Silicon Motion price target after revenue report; shares down 7%

Published 07/07/2017, 03:32 PM
© Reuters.  Analyst lowers Silicon Motion price target after revenue report; shares down 7%
SIMO
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  • Needham & Company lowers its Silicon Motion Technology (NASDAQ:SIMO) price target by $2 to $54 and maintains a Buy rating following the company lowering Q2 revenue estimates to below previous guidance and consensus.
  • The adjustment was due to the impact of NAND industry tightness impacting Silicon Motion’s SSD segment.
  • Analyst Rajvindra Gill now forecasts SSD sales growth of 6% on the year, down from the previous estimate of 20%.
  • Gill expects design wins to pick up business in the second half of the year, but visibility remains limited.
  • Source: StreetInsider
  • Silicon Motion shares are down 7.25%.
  • Previously: Silicon Motion preliminary Q2 results below consensus; shares drop 8.6% premarket (July 7)
  • Now read: Patriot One Technologies May Revolutionize Site Security


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