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Fly News Breaks for April 22, 2019
SIMO
Apr 22, 2019 | 16:44 EDT
As previously reported, Morgan Stanley analyst Charlie Chan downgraded Silicon Motion to Underweight from Equal Weight and lowered his price target to $34 from $34.90. The analyst notes that while the solid-state drive, or SSD, market looks "ready to ripen", chip design companies in Asia are "commoditizing the controller IC market", citing his findings that the competition between Silicon Motion and Taiwan's Phison has "intensified." Chan adds that his industry checks also suggest that "key customer ADATA" is planning to allocate more SSD controller IC spend to Taiwan's Realtek at the expense of Silicon Motion.
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