Stifel Reiterates Buy Rating on Silicon Labs (SLAB)

Stifel analyst Tore Svanberg reiterated a Buy rating and $144.00 price target on Silicon Labs (NASDAQ: SLAB).

The analyst commented, “Confident 4Q23A represented SLAB’s NT trough, we remain firm in our belief that the company is well-positioned to capture a large share of the strong secular LT growth opportunities in IoT as the industry’s leading and only pure-play IoT silicon supplier. Although CY24A exhibited a y/y revenue decline of -25.3% y/y (following CY23A’s -23.6% y/y decline), we note that the company has not seen socket losses and, in fact, continues to see market share gains on the NT horizon, despite the current downturn. Particularly emphasizing opportunities in Electronic Shelf Labeling, Smart Metering, and Continuous Glucose Monitoring, we believe CY25E should exhibit a y/y revenue improvement well into the double-digits on a % basis (currently modeling +36.3% y/y).”

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Shares of Silicon Labs closed at $125.33 yesterday.

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