Silicon Motion (SIMO) Receives a Buy from Needham

In a report released today, Rajvindra Gill from Needham assigned a Buy rating to Silicon Motion (SIMOResearch Report), with a price target of $60.00. The company’s shares closed last Thursday at $50.83, close to its 52-week high of $53.04.

According to TipRanks.com, Gill is a 5-star analyst with an average return of 11.5% and a 64.9% success rate. Gill covers the Technology sector, focusing on stocks such as Sequans Communications S A, Smart Global Holdings, and Everspin Technologies.

Silicon Motion has an analyst consensus of Moderate Buy, with a price target consensus of $53.00, representing a 7.3% upside. In a report issued on January 7, B.Riley Financial also maintained a Buy rating on the stock with a $55.00 price target.

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Silicon Motion’s market cap is currently $1.74B and has a P/E ratio of 16.40. The company has a Price to Book ratio of 2.87.

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Silicon Motion Technology Corp. engages in the development, manufacture, and supply of semiconductor products for the electronics market. It offers embedded and expandable storage, radio frequency integrated circuits, and embedded graphics. The company was founded in November 2005 and is headquartered in Hong Kong.