Silicon Labs (SLAB) PT Raised to $110 at Stifel

Stifel raised its price target on Silicon Labs (NASDAQ: SLAB) to $110.00 (from $108.00) while maintaining a Buy rating.

Analyst Tore Svanberg commented, "SLAB continues to fire on all cylinders, delivering a nice beat/raise driven by continued strong IoT secular growth trends, even as it continued to gain share amidst a declining legacy Broadcast market, and new Infrastructure products are accelerating its recovery from the current softness in optical networking. While we are marginally lowering CY18E EPS by 1% ($0.04), this was entirely due to the slightly higher tax rate, as higher opex expectations were fully offset by higher revenue run-rate. Therefore and coupled with our greater confidence in CY18 estimates, the company’s track record of beat/raise, and as-yet un-modeled EPS accretion from Z-Wave acquisition (at least $0.10 annually, by our estimates), we are raising our 12-month target price from $108 to $110 and reiterate our Buy rating on SLAB."

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