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Fly News Breaks for July 8, 2016
SIMO
Jul 8, 2016 | 09:24 EDT
Needham analyst Rajvindra Gill raised his price target for Silicon Motion to $60 from $47 following a "significant positive" Q2 pre-announcement. The analyst says the upside was broad-based, with "strong client" SSD sales. Gill estimates that there will be an incremental $300M-$400M of revenue available for the company over the next 2-3 years from the growing attach rates of SSDs in storage devices. Needham has a Buy rating on the shares.
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