Silicon Motion Technology (SIMO) is "clearly" making headway with its new products, including the High-end PCIe Gen5, Mainstream PCIe Gen5, QLC UFS and Boot Drives, Wedbush analysts said in a Monday note.

Analysts noted, however, that the company did not provide an update on its MonTitan product.

The company posted Q3 non-GAAP earnings of $1.00 per American depository share, beating Wedbush and FactSet analyst estimate of $0.82.

Wedbush said the company would be targeting the high end of Q4 revenue guidance range of $254 million to $266 million, with management tending to give conservative outlook.

Analysts said the company is likely to get opportunities due to increasing chip-scale package demand for storage and a lack of other strong high-capacity Solid State Drive offerings, barring Solidigm's products.

Wedbush increased its price target on the stock to $120 from $115 and retained an outperform rating.

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