UPDATE: Canaccord Raises Target to $8 on Integrated Device Technology

Canaccord maintains its Buy rating on Integrated Device Technology

and raises its price target to $8 following EPS upside that offset a slightly softer revenue within the company's guidance. Canaccord says, "Management sees Romley server upgrade driving better-than-seasonal revenues for Computing in the March quarter. We believe upside to our revised estimates could come from server memory interface and wireless infrastructure over the next few quarters. IDTI reported CQ4/11A (Dec) after the close. Revenues and EPS were $119.98 million and $0.06, compared to consensus of $120.75 million and $0.04 and our estimates of $120 million and $0.04. Management guided revenue for the March quarter down 2% at the midpoint, well above normal seasonal trends of down 5% to 10%." IDTI closed at $6.84 a share on Monday.