UPDATE: Bank of America Cuts Spreadtrum Communication's PO

According to a research report published today, Bank of America has decreased Spreadtrum Communication's SPRD PO from $20.16 to $13.77. In the report, Bank of America said, "Our multiple checks confirm that SPRD's TD smartphone chip (SC8810) would not see high volume in 3Q12 and would best case ramp in 4Q12. But, even if that ramp occurs, Mediatek's current solution is mature and well-received. Furthermore, its single chip cost-down version should ramp up in 1H13 and would have far better price/performance vs the SC8810. We now view MTK (MDTKF, C-1-8, NT$274) as the more likely dominant volume player in the TD-SCDMA smartphone market vs SPRD." Bank of America maintains its Underperform rating on Spreadtrum Communications, which closed yesterday at $14.93.