UPDATE: Wunderlich Securities Upgrades PLX Technology to Buy on Growth Outlook, Renewed Focus
Wunderlich Securities upgraded PLX Technology (NASDAQ: PLXT) from Hold to Buy and raised the price target from $4.00 to $6.00.
Wunderlich Securities noted, "With the failed IDT (IDTI-$7.67, Buy) merger now well behind them, PLX has emerged a leaner, more focused and firmly profitable company primarily targeting the PCI express (PCIe) market. Sustainable growth and profitable operating momentum from the Gen2 products should be leveraged by the ramping of Gen3 later this year. We also expect new activist investors to push for another sale of the company and, along with the return to growth and profitability, we expect sentiment in the name to improve."
PLX Technology closed at $4.68 on Monday.
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Tags: Wunderlich Securities