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UPDATE: JP Morgan Upgrades Spreadtrum Communications to Overweight, Positive China Mobile Phone Tender

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JP Morgan JP Morgan raises its rating on Spreadtrum Communications (NASDAQ: SPRD) from Neutral to Overweight and increases its price target from $15 to $22.

JP Morgan notes, "Spreadtrum won two out of three TD smartphone designs picked by China Mobile in its 2Q12 tender, a positive surprise to the market. We think a rerating is justified given that 1) its monthly smartphone chipset shipments should exceed 1MM units in 3Q12, and 2) new leadership at China Mobile is supportive of TD development."

SPRD closed at $16.49 on Friday.

Latest Ratings for SPRD

DateFirmActionFromTo
Aug 2013Topeka CapitalDowngradesBuyHold
Aug 2013Chardan CapitalDowngradesBuyNeutral
Aug 2013JefferiesDowngradesBuyHold

View More Analyst Ratings for SPRD
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color Upgrades Price Target Pre-Market Outlook Analyst Ratings

 

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