SMART Global rises on upbeat forecast, Q1 profit beat

Penguin Solutions

10/01/2024 13:05

** Shares of semiconductor firm SMART Global Holdings
 SGH.O  rise 14.1% to $21.08 premarket 
    ** SGH forecasts midpoint of Q2 adj. profit at 25
cents/share, above LSEG estimate of 22 cents/share
    ** Q1 adj. profit of 24 cents/share beats expectation of 16
cents/share
    ** Brokerage Needham raises PT on SGH stock to $24 from $22 
    ** Expect firm's year-over-year growth to reaccelerate in
second half of FY24 on strength from its computing unit, Penguin
Solutions - Jefferies 
    ** SGH stock rose 27.2% in 2023

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))