UPDATE: Wedbush Securities Raises PT to $7.50 on Integrated Device Technology

Wedbush Securities reiterated its Outperform rating on Integrated Device Technology

and raised its price target from $6.50 to $7.50. Wedbush Securities noted, "PLX Technology (PLXT) announced AMC on Friday that it had entered into a definitive agreement to divest its TeraPHY 10GBase-T team and associated products to privately-held Aquantia. Although the terms of the deal weren't disclosed, we view it as a positive, sweetening IDT's pending acquisition of PLX by taking out about $18MM of the targeted $35MM in cost synergies. While the macro for the semi sector has been challenging, we believe that IDT's FQ2 (Sep) is likely tracking largely in-line with the Street and our estimates." Integrated Device Technology closed at $6.37 on Friday.