UPDATE: J.P. Morgan Downgrades Spreadtrum Communications to Neutral

According to J.P. Morgan, Spreadtrum Communications

is downgraded to Neutral. J.P. Morgan said that there are a dozen brands (including Huawei and HTC) and ODMs (including Longcheer and Zhantang) working on 8810/6820 platform currently. “Our Dec-12 target price is US$15 (from US$30 previously) which corresponds to target P/E of 6x for 2013E (from 12x previously), in-line with historical average.” Spreadtrum Communications closed yesterday at $13.88.