UPDATE: FBR Capital Markets Raises PT to $18 on Fairchild Semiconductor International
FBR Capital Markets increases its price target on Outperform-rated Fairchild Semiconductor International (NYSE: FCS) to $18 from $16 on sales recovery hinted by channel checks.
FBR Capital Markets says, "For 1Q12, we think Fairchild's business trends are tracking within guidance trends (revenues of $340M–$370M, +0%–9% QOQ, with some acceleration in trends following Chinese New Year. That said, our Taiwan Technology Tracker (published today) indicates that 1Q12 sales are particularly back-end loaded with inventory reductions ongoing at customers, continuing Thai flood impacts on PCs, and with an early Chinese New Year muting January shipments."
FCS closed at $14.78 a share on Tuesday.
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