Needham Believes This Stock Won’t Stop Here

By George MacDonald

Needham analyst Quinn Bolton reiterated a Buy rating on Sigma Designs (NASDAQ: SIGM) today and set a price target of $8. The company’s shares closed yesterday at $6.41, close to its 52-week high of $6.49.

Sigma Designs has an analyst consensus of Hold.

Based on Sigma Designs` latest earnings report from October 31, the company posted quarterly revenue of $53.78M and quarterly net profit of -$557,000. In comparison, last year the company earned revenue of $54.39M and had a net profit of -$2,978,000.

According to TipRanks, Bolton is a top 100 analyst with an average return of 22.7% and a 68.5% success rate. Bolton covers the Technology sector, focusing on stocks such as Hittite Microwave Corp., Peregrine Semiconductor, and Mindspeed Technologies.

Sigma Designs Inc is a provider of integrated system-on-chip solutions that serve as the foundation for consumer products, including televisions, set-top boxes and video networking products.