UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on EZchip Semiconductor
In a report published Friday, Jefferies & Company reiterated its Hold rating on EZchip Semiconductor Ltd. (NASDAQ: EZCH), and raised its price target from $33.00 to $37.00.
Jefferies noted, “Q3 results and Q4 guidance beat lowered expectations, as new NP4 customers entered production sooner than expected. We maintain our Hold rating because 1) with up/down 40-50% QoQ revenue swings, EZCH's model remains volatile near-term, and 2) despite AT&T's positive CapEx outlook, visibility for EZChip remains low. We expect the stock to trade up near-term driven by short-covering. Reit. Hold with $37 PT.”
EZchip Semiconductor Ltd. closed on Thursday at $30.36.
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