| Over a month ago | ||||
Reports Q4 revenue… Reports Q4 revenue $60.8M, consensus $60.0M | ||||
Needham analyst Quinn… Needham analyst Quinn Bolton raised the firm's price target on SiTime to $150 from $115 and keeps a Buy rating on the shares. The analyst states that the company's business is stronger than originally anticipated and its Q1 should be the trough amid zero contribution from SiTime's large customer. The firm also states that the recent earnings have provided the market with more visibility into the ongoing inventory corrections leading to first-half weakness, with expectations for demand to return in the second half of 2023. | ||||
Barclays analyst Blayne… Barclays analyst Blayne Curtis raised the firm's price target on SiTime (SITM) to $135 from $120 and keeps an Overweight rating on the shares. The company's Q1 was expected to be weak but the full pause at Apple (AAPL) "definitely sets a lower bottom than we were expecting," the analyst tells investors in a research note. The firm says SiTime's story "is delayed but still intact" and should recover in the second half of 2023. | ||||
Raymond James analyst… Raymond James analyst Melissa Fairbanks raised the firm's price target on SiTime to $130 from $120 and keeps an Outperform rating on the shares following December quarter results. Inventory corrections that hit the company's broad-based consumer business mid-year have now caught up with SiTime's lead customers across Mobile and Communications/Enterprise, resulting in a significant headwind to near-term results, the analyst tells investors in a research note. The firm continues to expect a healthy rebound as channel inventories are cleared, with a number of secular growth drivers for precision timing solutions in auto, industrial, and aerospace/defense, coupled with a recovery in legacy consumer and communications markets. | ||||
Roth Capital analyst Suji… Roth Capital analyst Suji Desilva raised the firm's price target on SiTime to $150 from $125 and keeps a Buy rating on the shares. The firm expects SiTime to recover to a better growth outlook in the next few earnings reports, having already adjusted estimates downward for consumer cyclical exposure. Roth believes SiTime is better positioned from an end market position and secular share gain opportunity to resume strong double-digit year-over-year growth in the next few quarters with ongoing healthy margin opportunity. | ||||
Barclays analyst Blayne… Barclays analyst Blayne Curtis raised the firm's price target on SiTime to $120 from $96 and keeps an Overweight rating on the shares. The analyst rolled out 2024 estimates and became more positive on the semiconductor group but incrementally more negative on semiconductor capital equipment. The firm prefers stocks in 2023 that offer exposure to data center, PC and handset. | ||||
| Over a quarter ago | ||||
Credit Suisse analyst… Credit Suisse analyst Chris Caso initiated coverage of SiTime with an Outperform rating and $135 price target, implying 25% upside from current levels. The analyst says the company supplies "unique and differentiated" MSMS-based timing solutions, which offer higher performance and reliability advantages over conventional quartz timing. There are no substantive direct competitors offering MEMS timing, so entry barriers are high, Caso tells investors in a research note. | ||||
Needham analyst Quinn… Needham analyst Quinn Bolton lowered the firm's price target on SiTime to $115 from $125 but keeps a Buy rating on the shares after its Q3 results and guidance. The company's inventory correction is likely to be deeper than previously expected, though Q1 will now likely mark a revenue bottom, the analyst tells investors in a research note. | ||||
Sees Q4 revenue down… Sees Q4 revenue down 15%-20% sequentially, which implies $58.5M-$62.1M, consensus $71.1M. The company states: "Looking forward, we see slowing sales in comms and data center. We have gone from a semiconductor supply constrained world a year ago when over-inventoried world today. These higher-than-normal inventory levels, coupled with lower demand, is leading to a classic semiconductor down-cycle, and we are not immune. As a result, our revenue expectations for the year have come down. We've called it the way we see it, but the world has changed. We now expect sales in the fourth quarter will be down between 15% and 20%, sequentially, which would be approximately $60 million at the midpoint. Gross margins will be impacted by the lower sales and will likely be around 63%, plus or minus a point. We are maintaining our level of investment in new process and product development and, thus, will hold operating expenses relatively flat. In addition, we expect to earn at least $3 million a quarter in interest income. Diluted share count will be approximately 23 million shares, and the resulting Q4 non-GAAP EPS should, therefore, be somewhere between $0.50 and $0.60 per share. Though we don't normally provide guidance two quarters out, we believe we have enough visibility to provide a few comments about Q1. We currently believe sales in Q1 will likely be down 20% to 25% from Q4 for two primary reasons." Comments taken from Q3 earnings conference call. | ||||
Barclays analyst Blayne… Barclays analyst Blayne Curtis lowered the firm's price target on SiTime to $96 from $130 and keeps an Overweight rating on the shares. The analyst cut estimates intra-quarter to reflect the weakening consumer and broadbased demand. | ||||
