UPDATE: JP Morgan Initiates Peregrine Semiconductor at Overweight with $21 PT on Smartphone Growth

JP Morgan initiated its coverage on Peregrine Semiconductor PSMI with an Overweight rating and a price target of $21 a share. JP Morgan commented, "We believe the company is benefitting from the rapid growth in 3G/4G smartphones and tablets, as well as steady growth in wireless infrastructure, automotive, and broadband verticals. Additionally, we believe increasing RF complexity (increasing number of frequency bands, multiple antennas per device, etc) combined with the company's aggressive product roadmap should enable PSMI to capture more dollar content per device, providing upside to our estimates and driving the stock higher." Peregrine Semiconductor closed at $15.90 on Friday.