Auriga reiterates its Buy rating on EZchip Semiconductor EZCH and raises its price target by $8 to $45 a share on higher estimates.
Auriga says, "We maintain our Buy Rating and increase our price target to $45 from $37 for EZchip (EZCH) as the company's 1Q12 guidance was soft, but management was
confident about growth in 2012 on NP-4 launch at multiple large customers and
anticipated carrier spending recovery in 2H12. EZCH took a $9.9 million one-time
charge to margins, which should substantially boost gross margins over the next
few years."
EZCH closed at $37.05 a share on Wednesday.
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