UPDATE: Piper Jaffray Upgrades Inphi Corporation to Overweight on Attractive Valuation
Piper Jaffray raises its rating on Inphi Corporation (NYSE: IPHI) from Neutral to Overweight and reiterates its price target at $12.
Piper Jaffray notes, "We are upgrading shares of IPHI as we believe valuation has become attractive at 2x cash of $4/share, new management has reset estimates to reasonable levels, and we believe trends are set to improve for infrastructure in 2H:12. In particular, we expect the new high end Romley-based server introductions to pick up in 2H. Moreover, LRDIMM is being listed as a standard option for new servers which should help penetration, a key catalyst for the company."
IPHI closed at $8.10 on Friday.
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