Market Overview

UPDATE: Morgan Stanley Upgrades Spreadtrum Communications to Overweight

Related SPRD
Spreadtrum Announces Receipt by Tsinghua Unigroup of Regulatory Approvals for Merger
Earnings Scheduled For November 11, 2013

Morgan Stanley raised its rating on Spreadtrum Communications (NASDAQ: SPRD) from Equal-Weight to Overweight and increased its price target from $18.31 to $24.

Morgan Stanley commented, "We are more confident on its feature phone and smartphone businesses. Our 2013e EPS is 20% above consensus, and our new US$24 price target implies 30%+ upside potential. … We lift our feature- and smart- phone unit forecasts, but lower feature phone ASP. Net/net, we now model US$842.1mn in 2013 revenues (prior US$787.5mn), and we are 20% above Bloomberg 2013e consensus GAAP EPS of US$2.23."

Spreadtrum Communications closed at $17.68 on Wednesday.

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: Morgan StanleyAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

Related Articles (SPRD)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Benzinga Professional