As previously reported, Wedbush analyst Matthew Bryson initiated coverage of Silicon Motion with a Neutral rating and $39 price target. The analyst believes the company has favorable near-term customer tailwinds, and could deliver meaningful earnings growth over the intermediate term assuming normal customer and end market conditions. However, he also believes second half of 2019 estimates already bake in favorable momentum. Moreover, at this point, Bryson is unable to look past risk related to current macro concerns and potential future customer risk to what he believes are likely 2021 numbers.