UPDATE: JP Morgan Upgrades Maxim Integrated Products to Overweight on Samsung Exposure

JP Morgan upgraded Maxim Integrated Products MXIM from Neutral to Overweight and raised the price target from $26.00 to $35.00. JP Morgan commented, "We are upgrading Maxim from Neutral to Overweight as we are assigning the stock a higher multiple due to our belief that Samsung should continue to gain share in the smartphone end market, Maxim's 20% exposure to Samsung, and the stock's 3.2% dividend yield. Samsung is one of the few technology OEMs that is gaining market share which we believe should help insulate Maxim from the sluggish demand environment. As a result, we are raising our multiple on MXIM stock from 16.5X C13 EPS or below its peers to 22X C13 EPS or a multiple in line with its peers." Maxim Integrated Products closed at $29.64 on Thursday.