SiTime strength tied to apparent content in iPhone 16e, says Wolfe Research

Wolfe Research believes SiTime (SITM) shares are moving higher today because Apple’s (AAPL) iPhone 16e was released to the public and some teardowns of the phone are believed to make reference to SiTime having content in the device. Management referenced the teardowns at an investor conference, highlighting that the teardowns showed two timing chips from SiTime in the phone, the analyst noted. The firm, which has maintained for some time that it believes SiTime does have some content alongside the internal Apple modem, adds that these teardowns, if accurate, would be a “confirmational data point ahead of the more important iPhone 17 and iPhone 18 launches.” Wolfe keeps an Outperform rating and $275 price target on SiTime shares, which are up 14% to $174.46 in afternoon trading.