UPDATE: Bank of America Upgrades Spreadtrum Communication
According to a research report published this morning, Bank of America has upgraded Spreadtrum Communication (NASDAQ: 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.
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