UPDATE: Jefferies Reiterates Buy Rating, Raises PT on M/A-COM Technology Solutions Holdings

In a report published Wednesday, Jefferies reiterated its Buy rating on M/A-COM Technology Solutions Holdings MTSI, and raised its price target from $17.00 to $21.00. Jefferies noted, “MTSI beat DecQ revenues by $0.5m and guided MarQ revs 210bps above consensus at the mid-point. Management cited order improvements in its broad-based product diode line as a leading indicator for growth. We remain buyers of the stock due to a robust new product pipeline of higher-margin products which should translate to higher growth and gross margin expansion of 300 bps through EOCY13.” M/A-COM Technology Solutions Holdings closed on Tuesday at $16.53.