Canaccord Reiterates Buy Rating, $13 PT for Intersil

In a daily letter released earlier today, Canaccord Genuity reiterated its Buy rating and $13.00 price target for Intersil Corporation ISIL. Canaccord went on to say “Strong operating leverage, greater confidence on growth, and a sector-high dividend yield keep us Buy rated on ISIL following Tuesday's upbeat analyst day. We expect an 8-K with details of cost cutting and associated restructuring charges to be filed in coming weeks, allowing us to increase our 2013 EPS estimates meaningfully on higher operating margins. We also note management sounded confident regarding the timeline to achieving its updated revenue target of $200 million per quarter.” Intersil Corporation closed yesterday at $10.66.