Penguin Solutions price target raised to $31 from $27 at Stifel

Stifel analyst Brian Chin raised the firm’s price target on Penguin Solutions (PENG) to $31 from $27 and keeps a Buy rating on the shares. The firm expects fiscal Q4 results to modestly exceed consensus estimates when Penguin reports earnings on Tuesday, citing the view that memory market conditions are favorable and that tailwinds will sustain into calendar year end, the analyst tells investors in a preview.