Needham Believes MagnaChip (NYSE: MX) Still Has Room to Grow

By Ryan Adsit

Needham analyst Rajvindra Gill assigned a Buy rating to MagnaChip (MXResearch Report) today and set a price target of $30.00. The company’s shares closed last Wednesday at $20.14, close to its 52-week high of $20.31.

According to TipRanks.com, Gill is a 5-star analyst with an average return of 18.4% and a 68.4% success rate. Gill covers the Technology sector, focusing on stocks such as Sequans Communications S A, Smart Global Holdings, and Everspin Technologies.

Currently, the analyst consensus on MagnaChip is a Moderate Buy with an average price target of $24.67, representing a 24.7% upside. In a report released today, Oppenheimer also maintained a Buy rating on the stock with a $25.00 price target.

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MagnaChip’s market cap is currently $715.7M and has a P/E ratio of 3.00. The company has a Price to Book ratio of 2.56.

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MagnaChip Semiconductor Corp. engages in the design and manufacture of analog and mixed-signal semiconductor products. It operates through the following segments: Foundry Services Group and Standard Products Group. The Foundry Services Group segment provides specialty analog and mixed-signal foundry services for fabless and Integrated Device Manufacturer semiconductor companies. The Standard Products Group segment consists of Display Solutions, which offers panel display solutions to the suppliers of large, small and flexible panel displays and Power Solutions, which comprises discrete and integrated circuit solutions for power management in consumer, communication, and industrial applications. The company was founded on November 26, 2003 and is headquartered in Luxembourg.