SiTime Stock Skyrockets 30% After Analyst Upgrade
Portfolio Pulse from Anusuya Lahiri
SiTime Corp (NASDAQ:SITM) shares surged 30% following an upgrade from Hold to Buy by Needham analyst Quinn Bolton, with a new price target of $130. The upgrade was based on better-than-expected Q1 results, with revenue of $33.0 million surpassing estimates despite a year-over-year decline. Adjusted gross margin and EPS also exceeded expectations. The company's Q2 revenue guidance of $41.0 million is significantly above analyst forecasts, indicating strong growth across all segments and improved visibility into future quarters. Bolton anticipates a return to ~30% year-on-year revenue growth from Q2 fiscal 2024 to Q4 fiscal 2024, with continued growth into fiscal 2025.
May 09, 2024 | 7:18 pm
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SiTime Corp's stock surged 30% following an upgrade by Needham analyst Quinn Bolton from Hold to Buy, with a price target of $130, based on strong Q1 performance and optimistic revenue guidance for Q2.
The significant stock price increase is directly attributed to the analyst's upgrade, which was based on SiTime's better-than-expected Q1 results and strong Q2 revenue guidance. This indicates a positive short-term impact as the market reacts to the upgrade and the company's optimistic financial outlook.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100