UPDATE: JP Morgan Upgrades Audience to Overweight in Improving Fundamentals
JP Morgan raised its rating on Audience (NASDAQ: ADNC) from Neutral to Overweight and increased its price target from $11 to $15.
JP Morgan said, "Continued market opportunity expansion and solid traction at tier-1 customers (Samsung) drive our upgrade to Overweight. We believe 2013 will be the year when ADNC's market expansion strategy (in smartphone/tablets, notebooks/ultrabooks, automotive, digital TV) starts to unfold and add meaningfully to the top line. Besides its solid design win pipeline with tier-1 mobile device OEMs (Samsung, Google, HTC, Acer, Sharp, Motorola ASUS, Huawei, ZTE, Xiaomi), the company is currently engaged in design programs with PC and automotive customers with initial revenue expected in 1H13, thus underscoring the importance of its voicerecognition technology and expansion of its footprint in other high value adjacent markets."
Audience closed at $10.43 on Thursday.
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