Silicon Motion price target raised to $230 from $180 at Wedbush

Wedbush raised the firm’s price target on Silicon Motion (SIMO) to $230 from $180 and keeps an Outperform rating on the shares on the back of the company’s substantial beat and raise. The firm headed into this quarter looking for a modest beat and an in-line guide. While Wedbush anticipated share gains and particularly momentum in the China market would likely allow Silicon Motion to exceed its initial guide, the firm didn’t expect a notable deviation from management’s prior full year outlook. What the company provided instead was a significant beat, followed by a massive upward guide driven by strength across Silicon Motion’s business units.