Silicon Laboratories

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Silicon Laboratories ( SLAB) designs and develops, analog-intensive, mixed-signal integrated circuits for a range of applications. The stock is trading up 5.8% at $42.95 in recent trading.

Today's Volume: 350,000

Average Volume: 312,485

Volume % Change: 138%

Shares of SLAB are ripping higher today after the stock was upgraded by an analyst at Wunderlich from hold to buy. The firm also raised its price target from $44 to $50. The analyst said, "We believe the recent sell-off in the stock has created a more favorable risk/reward scenario and provides an attractive entry point."

From a technical perspective, SLAB is gapping sharply higher today on above average volume. This move is quickly pushing SLAB within range of its 50-day moving average of $43.63.

Traders should now look for long biased trades if SLAB can manage to move and close above its 50-day, and above some near-term overhead resistance at $44.33 with high volume. Look for volume on that move that's near or well above 312,485 shares. If we get that action soon, look for SLAB to make a run at $46.50 to $48.50 in the near term.

Keep in mind that long trades should only be considers if SLAB is trending above its 50-day and $44.33.

Silicon Labs shows up in Coatue Management's portfolio as of the most recently reported period.

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