UPDATE: Benchmark Raises PT to $49 on EZ Chip Semiconductor

Benchmark raises its price target $8 to $49 on Buy-rated EZ Chip Semiconductor EZCH on acceleration of carrier-grade equipment booking and NP-4 ramping. Benchmark says, "We are increasing our price target on shares of EZchip from $41 to $49 based on our increased confidence the company's 2H12 revenue should materially accelerate and based on our confidence the company's NP-4 product cycle could lead to ~$200 million+ in annual revenue by FY15 (up from $63.5 millions in FY10). ...There are signs carriers are starting to accelerate capital spending, which should bode well for EZchip's 2H FY12 revenue. In addition, EZchip should ramp volume shipments of NP-4 with new customers such as Ericsson, Tellabs and Huawei during 2H FY12." EZCH closed at $42.92 a share on Thursday.