UPDATE: J.P. Morgan Downgrades Spreadtrum Communications to Neutral
According to J.P. Morgan, Spreadtrum Communications (NASDAQ: SPRD) 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.
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