UPDATE: Citigroup Raises PT to $20 on Fairchild Semiconductor; Increasing Analog Beta Exposure

Citigroup reiterated its Buy rating on Fairchild Semiconductor

and raised its price target from $15 to $20. Citigroup said, "We increase C13 EPS by 18c to $0.85 from $0.67 with 2.3% higher sales and 120bps higher GM contributing to the variance. … We believe higher multiples are now appropriate due to: a) FCS move to higher value integrated products from basic building blocks; and b) the new COO has a solid execution track record." Fairchild Semiconductor closed at $14.02 on Wednesday.