Chris Caso, an analyst from Wolfe Research, maintained the Buy rating on SiTime Corporation (SITM – Research Report). The associated price target is $275.00.
Chris Caso has given his Buy rating due to a combination of factors related to SiTime Corporation’s involvement with Apple’s latest iPhone model. The recent release of the iPhone 16e has brought to light that SiTime’s timing chips are included in the device, as indicated by teardowns referenced by the company’s management. This inclusion is seen as a significant confirmation of SiTime’s role in Apple’s supply chain, especially as Apple continues to develop its internal modem technology.
Caso also highlights the potential for SiTime to benefit from future iPhone models, particularly the iPhone 17 and 18, which are expected to increasingly incorporate Apple’s internal modems. The analyst notes that this could represent a substantial revenue opportunity for SiTime, estimated at $30-40 million per model, depending on market share. Furthermore, the possibility of Apple developing a mmWave modem could further enhance SiTime’s prospects, making the stock an attractive investment opportunity.
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