FBR Capital Markets Reiterates Outperform Rating, $28 PT for Microsemi Corporation

In a company update published earlier today, FBR Capital Markets reiterated its Outperform rating and $28.00 price target for Microsemi Corporation MSCC. FBR Capital went on to say “We believe MSCC's current valuation metrics are attractive relative to peers and relative to its historical trading range. We base our price target on a 16x target P/E multiple (2012 including stock compensation expense), seemingly appropriate given Microsemi's profitability profile, peer valuations, and historical valuations. Since 2001, MSCC has traded in a range of 10x–35x its forward EPS estimate, with a median forward multiple of 20x.” Microsemi Corporation closed on Friday at $18.14.