Silicon Labs price target raised to $165 from $160 at Stifel

Stifel analyst Tore Svanberg raised the firm’s price target on Silicon Labs (SLAB) to $165 from $160 and keeps a Buy rating on the shares following the company’s “Works With” IoT developer conference in Austin. Silicon Labs announced the general availability of the first two products of its Series 3 SoC platform, the SiMG301 and SiBG301 SoCs, marking a transformational leap in IoT wireless connectivity with the company’s first devices achieving PSA Level 4 security certification, the firm told investors in a research note. Stifel added that it remains firm in its belief that the company is well positioned to capture a large share of the “strong secular long-term growth opportunities” in IoT.