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Dougherty Starts SiRF Technology Holdings at Buy

Dougherty started covering SiRF Technology Holdings (SIRF) at buy, explaining that investors have underestimated the market size and adoption rate of the company's consumer GPS-enabled devices.

Analyst Jeff Evanson says his research suggests the much larger European PND market is still experiencing growth in excess of the expectations priced into the stock. He notes that when you add in even stronger growth in North America, SiRF remains well positioned to beat. He raised estimates through 2006 and into 2007. He notes the company already began to prepare for the next leg of its growth phase, positioning itself as a consolidator of radio technologies. He sees 91 cents 2006 EPS and $1.18 in 2007. He set a $45 stock price target.

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