Silicon Motion price target lowered to $90 from $96 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Silicon Motion (SIMO) to $90 from $96 and keeps a Buy rating on the shares. Craig-Hallum recommends investors buy shares on the recent pullback as the company expects to grow again year over year in 2025 after an expected 26%+ revenue growth rate in FY24, the analyst tells investors in a research note. The firm sees upside for investors owning Silicon Motion as they gain share in all markets, continue on a gross margin growth trajectory, and the company becomes a full-fledged edge AI play.