SiRF Tech. (SIRF) got another boost on Monday after TomTom reported strong Q2 results.
TomTom raised its 2007 personal navigation device [PND] unit forecast, implying a positive trend for SIRF. TomTom said the outlook is strong both in Europe, and the United States.
I have said that in addition to the PND market, I thought 2007 would be a good year for SIRF as its location-based services [LBS] rolled out at wireless operators. The analyst note out that went out on Monday morning from Jeffries maintains the same thesis.
The analyst has a $34 price target on the stock. I have been looking for a run back to $30, where I would look to take profits on my recently added shares.
On Monday, the stock got up to $25, and has risen more than 20% from its June bottom. I actually hedged my long position a bit on Monday morning's strength. I am still holding out for higher prices, but the company reports earnings next Tuesday, and that has been a significant source of volatility in the past.
Disclosure: The author is long SIRF.