Inphi price target raised to $62 from $53 at Craig-Hallum
Craig-Hallum analyst Richard Shannon raised his price target for Iphi to $62 from $53 as his latest checks indicate the company's PAM4 devices for 100/200/400G are "gaining the lion's share of designs." The analyst believes this success will have most of its impact in 2020 and beyond, with minimal benefit to this year, and notes that his higher 2020 estimates make up for about 2/3 of the lost Huawei sales he removed from estimates in May. Overall, Iphi is one the few stocks that has the potential to grow 20%-plus for 2-3 years with gross margin of about 70%, which will command a premium valuation, he contends. Shannon reiterates a Buy rating on the shares.