UPDATE: Wunderlich Initiates Silicon Laboratories at Hold

Wunderlich is out with its report today on Silicon Laboratories (NASDAQ: SLAB), initiating SLAB at Buy.

In its report, Wunderlich writes, "We are initiating coverage of Silicon Laboratories Inc. with a Hold rating and $33 price target. SLAB has leveraged its core mixed-signal expertise to invest in Video and Timing businesses to help drive growth. The company has consistently been able to post above-average operating margins and has deployed substantial cash balances to share repurchases and the acquisition of products and technologies that complement and expand its footprint in adjacent markets."

Shares of SLAB closed Wednesday at $31.89, down 1.12% from Tuesday's close.