UPDATE: Deutsche Bank Raises Target to $16 on Magnachip Semiconductor

Deutsche Bank reiterates its Hold rating on Magnachip Semiconductor

and raises its price target by 33 percent to $16 as it believes the company's leverage on revenue snapback is not fully appreciated. Deutsche Bank notes, "MX reported solid 4Q results but guided a soft 1Q, likely marking a cycle bottom. We anticipate a sharp snapback in 2Q and raise our full year estimates on improved Foundry outlook (design wins tripled in 2011). Given the company's inherent leverage, particularly within its Foundry business, and potential for sizable upward EPS revisions coming out of the downturn, we believe valuation remains compelling." MX closed at $10.16 a share on Wednesday.