Another Update on SIRF

SiRF Tech. (SIRF) got another boost today 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 as well as the U.S.

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 this 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.

Today, the stock got up to $25, and has risen more than +20% from its June bottom. I actually hedge my long position a bit on this 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.