UPDATE: Bank of America Upgrades Spreadtrum Communication

According to a research report published this morning, Bank of America has upgraded Spreadtrum Communication SPRD from Underperform to Neutral. Bank of America commented in the report, "We move to Neutral as the share price is within 3% of our PO. We raise 2012/13 EPS 10%/4% on the better 1QA/2Q guide but remain cautious due to SPRD's (1) low-quality beat/guide, (2) weaker smartphone AP competitive position (low-end segment), (3) unlikely to close tech/design gap with MediaTek, (4) limited EPS visibility; (a) quarterly R&D grants, (b) chip shipment/ASP, (c) deferred revenue." Bank of America maintains its $13.77 PT on Spreadtrum, which closed yesterday at $13.43.