Silicon Motion (SIMO) Gets Higher Price Targets from BofA and B. Riley

Silicon Motion Technology Corporation (NASDAQ:SIMO) is one of the 10 Best Performing Growth Stocks So Far in 2026. On May 28, BofA increased its price target on Silicon Motion Technology Corporation (NASDAQ:SIMO) from $320 to $450 and maintained a Buy rating on the stock.

The research firm revised its EPS forecasts, pointing to stronger sales expectations for the SSD and enterprise solutions. BofA also noted that recent global memory industry data has been encouraging and Silicon Motion Technology Corporation (NASDAQ:SIMO) Q2 sales could easily beat guidance. The firm believes that the company’s run-rate could exceed $1.5 billion in 2026 and grow to more than $2 billion by 2028.

Silicon Motion (SIMO) Gets Higher Price Targets from BofA and B. Riley

Earlier, on May 12, B. Riley also lifted its price target on Silicon Motion Technology Corporation (NASDAQ:SIMO) from $250 to $312 and maintained a Buy rating on the stock.

The firm noted that AI investment is accelerating faster than expected, supported by growing demand from hyperscalers and neo-cloud providers. This is driving 2026-2028 capex estimates significantly higher and new workload trends and major model providers are strengthening supply and demand trends in the semiconductor industry. These factors are helping drive higher EPS expectations for semiconductor companies and supporting strong valuations.

Silicon Motion Technology Corporation (NASDAQ:SIMO) is a leading supplier of NAND flash controllers for solid-state storage devices for servers, PCs, and other edge devices. It is also the leading merchant provider of eMMC and UFS embedded storage controllers used in smartphones, IoT products, and automotive applications.

While we acknowledge the risk and potential of SIMO as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SIMO and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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