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J.P. Morgan Reiterates Overweight Rating, $22 PT for Spreadtrum Communications

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In a report published earlier today, J.P. Morgan & Co. reiterated its Overweight rating and $22.00 price target for Spreadtrum Communications, Inc. (NASDAQ: SPRD).

J.P. Morgan said its decision “is based on a 9x forward P/E, vs the historical average of 6x since 2009. The one-year forward P/E expanded from 4x on average in 1Q10 to 10x in 4Q11, as the percentage of revenue from TD rose from 19% to 47% in the period. YTD, one-year forward P/E decreased up to 6x as a percentage of revenue from TD to decline in 1H12, largely due to smartphone delays and, to a lesser extent, ongoing management changes at China Mobile.”

Spreadtrum Communications, Inc. closed yesterday at $17.43.

Latest Ratings for SPRD

Aug 2013Topeka CapitalDowngradesBuyHold
Aug 2013Chardan CapitalDowngradesBuyNeutral
Aug 2013JefferiesDowngradesBuyHold

View More Analyst Ratings for SPRD
View the Latest Analyst Ratings

Posted-In: J.P. Morgan & Co.Analyst Color Reiteration Analyst Ratings


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