DLGNF - Upgraded Guidance Boosts The Dialog Semiconductor Bull Argument

• Dialog has guided to a 6% higher revenue number for the third quarter than analysts expected, with revenue also exceeding the high end of management guidance on strong consumer devices.
• The October 13 launch of new iPhones could point to meaningful sub-PMIC content growth for Dialog and further boost the bull story.
• IoT and auto are meaningful long-term opportunities, but Dialog has struggled to diversify its business outside of phone PMICs/sub-PMICs, and these are still largely "show me" stories.
• The market is still very skeptical that Dialog will find any success outside of its PMIC/sub-PMIC business, and the shares look attractively priced even on modest growth assumptions.

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