Silicon Motion Technology: Rises as brokerage upgrades to 'outperform'

Silicon Motion Technology

24/09/2020 16:10

** Shares of storage device maker  SIMO.O  up as much as
3.2% at $38.45, after losses in two consecutive sessions
    ** Brokerage Wedbush upgrades rating to "outperform" from
"neutral"; hikes PT to $46 from $42
    ** Brokerage says strong demand for handsets and PCs after
COVID-19 and incremental growth in 5G upgrades to benefit SIMO
in the coming year
    ** Avg. rating on stock is "buy" and median PT is $53.50 
    ** Stock had fallen ~25% so far this year

 (Reporting by Tiyashi Datta in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com))