Seaport upgrades SiTime stock rating to buy on AI opportunity
Seaport Global Securities has upgraded its rating on SiTime Corp. (NASDAQ:SITM) to Buy from Neutral, citing an AI opportunity. Analyst Jay Goldberg believes the recent sell-off in AI-related stocks is overly pessimistic, presenting a buying opportunity for SiTime. Since September 2026, SiTime's stock price has dropped 50%, with a 20.59% decline over the past week alone, trading 61% below its 52-week high of $901.81. Over the past six months, the stock has declined 43%.
SiTime reported strong earnings, with revenue growth of 142.62% over the last year, reaching $682.96 million. Management noted success in opening new markets and expanding its competitive lead. Despite concerns about operational challenges and supply constraints, Seaport sees a margin of error due to the company's strong position.
SiTime's Q3 2026 results exceeded expectations, with non-GAAP earnings of $4.01 per share and revenue of $298.7 million, surpassing Wall Street estimates. These improvements were fueled by the July acquisition of Renesas' Timing Product Division, resulting in a 257% sales increase. Rosenblatt also reiterated its Buy rating, setting a price target of $900.00, citing impressive YoY revenue growth of over 100% for the past six quarters.
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