UPDATE: Oppenheimer Initiates Peregrine Semiconductor at Outperform with $20 PT
Oppenheimer initiated its coverage on Peregrine Semiconductor (NASDAQ: PSMI) with an Outperform rating and a price target of $20 a share.
Oppenheimer commented, "After 22 years as a private fabless RFIC supplier, PSMI went public August 8 at $14/sh. Peregrine leverages proprietary UltraCMOS technology to produce parts for the handset, infrastructure and aerospace markets. Handset is the company's top growth/upside driver. As a key supplier to leading OEMs Apple and Samsung, PSMI is the No. 1 supplier of RF antenna switches for smartphones. The increasing complexity of 3G/4G RF front-ends in this high growth segment play to PSMI strengths, positioning the company for long-term success."
Peregrine Semiconductor closed at $15.90 on Friday.
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