Silicon Laboratories Poised for Growth, Eyeing Strong IoT Expansion: Analyst
Portfolio Pulse from Anusuya Lahiri
Needham analyst N. Quinn Bolton upgraded Silicon Laboratories (SLAB) to a Buy rating from a Hold, with a price target of $150, citing strong positioning for semiconductor cyclical recovery and IoT expansion. Bolton highlighted inventory de-stocking, new design wins, and end market demand improvements as drivers for a second-half recovery. He expects SLAB to achieve double-digit top-line growth into 2026, with 2024 revenue and EPS projections adjusted to $601.4 million and $(1.85), respectively. SLAB shares rose 2.68% to $117.33. Investors can also gain exposure through SIMS and XSD ETFs.
April 25, 2024 | 4:38 pm
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POSITIVE IMPACT
Investors can gain exposure to SLAB's growth and recovery through the SPDR S&P Kensho Intelligent Structures ETF (SIMS).
As SLAB is a constituent of the SIMS ETF, positive developments for SLAB, such as the analyst upgrade, can indirectly benefit SIMS by potentially increasing its value.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Needham analyst upgrades SLAB to Buy with a $150 target, citing strong IoT growth and cyclical recovery. SLAB shares rose 2.68% to $117.33.
The upgrade by Needham, based on strong IoT growth and cyclical recovery prospects, directly impacts SLAB's stock by enhancing investor confidence and potentially driving demand for SLAB shares.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
SPDR S&P Semiconductor ETF (XSD) offers another avenue for investors to benefit from SLAB's positive outlook and semiconductor sector growth.
Given SLAB's inclusion in the XSD ETF, the upgrade and positive outlook for SLAB can indirectly influence XSD's performance positively by contributing to the overall growth of the semiconductor sector.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50