SIMO - Silicon Motion: NAND Flash Is Coming Back - Initiating With A Buy
2024-05-13 23:43:55 ET
Summary
- Silicon Motion reported its first quarter of FY2024 results earlier this month, confirming what I believe is more upside for the stock in 2024.
- I expect this upside will be driven by Silicon Motion’s position as a global supplier of NAND flash controllers during a moment where pricing and unit demand should recover.
- The company raised its FY2024 revenue outlook to $800 million to $830 million for a 25-30% year-over-year growth rate, versus the earlier guidance for 20-25% growth.
- I share my thoughts on Silicon Motion stock here and why I think it has more upside in 2024.
Investment thesis
Silicon Motion Technology Corp. ( SIMO ) reported its first quarter of FY2024 results earlier this month; I’m initiating Silicon Motion with a buy heading further into FY2024 as I see more upside potential for the stock. I expect this upside will be driven by Silicon Motion’s position as a global supplier of NAND flash controllers during a moment when Solid State storage Devices’ demand recovers....
Silicon Motion: NAND Flash Is Coming Back - Initiating With A Buy