Silicon Motion Technology is trading at $263.50, up 4.7% in pre-market, after a significant price target upgrade from Bank of America, which boosted sentiment amid a broader tech rebound.
- On June 10, BofA raised its price target on SIMO to $450 from $320, citing strong sales expectations for SSD and enterprise solutions and encouraging global memory industry data.
- The firm noted that Silicon Motion's Q2 sales could easily beat guidance and that its revenue run-rate could exceed $1.5 billion in 2026.
- The stock is also benefiting from a broader recovery in semiconductor shares following a sharp tech sell-off on June 10.