SiTime Corp (NASDAQ:SITM) shares are trading higher after Needham analyst Quinn Bolton upgraded the stock rating from Hold to Buy with a $130 price target.
SiTime posted revenue of $33.0 million, down 13.9% year over year, but above Bolton’s estimate and the Street’s $32 million estimate, due to downward trends in customer inventories that resulted in a pickup in order activity. Only the Communication, Enterprise and Data Center (CED) segment grew sequentially, while most weakness came from IoT, Consumer and Mobile, he noted.
Adjusted gross margin was 57.9%, above both Bolton’s and the Street’s estimates of 57.5%. Margins were negatively impacted by lower unit volumes, but this was partially offset by a favorable mix and cost reductions. Adjusted EPS was negative 8 …
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