SiTime Corporation (SITM): Timing is Right; Initiate at Overweight

A broadening precision timing opportunity, robust AI/data center tailwinds and complementary M&A support a strong growth outlook. Following a ~13% pullback in the last week amid a broader semi sell-off, we see an attractive entry point. Initiate OW at $730 PT, ~33% upside. The timing opportunity continues to expand: SiTime's SAM has expanded from ~$1bn in 2020 to ~$4bn today, with further runway from MEMS adoption replacing quartz, continued share gains and TPD cross-sell. We model 30% total/31% organic revenue growth in CY28, above management's 25-30% long-term framework, with revenue/EPS 8%/11% above VisibleAlpha consensus, while CY27 is broadly in-line. AI/data center is the key near-term growth driver, reaching 64% of revenue in the most recent quarter, up from 12% at IPO, spanning both networking and compute;