UPDATE: JP Morgan Upgrades Intersil Corporation to Neutral on Outlook, Debt Improvement

JP Morgan upgraded Intersil Corporation (NASDAQ: ISIL) from Underweight to Neutral and raised the price target from $5.00 to $7.00.

JP Morgan commented, "Yesterday after the close, Intersil reported 4Q12 sales in line with prior guidance with EPS below our estimate due to charges and guided 1Q13 in line with seasonality. We are raising our estimates for ISIL and raising our rating from Underweight to Neutral due to better overall semiconductor business conditions improving Intersil's profitability and the company paying down its debt. Our Neutral rating is based on Intersil's share loss in the PC end market combined with the company's low earnings power."

Intersil Corporation closed at $8.66 on Wednesday.

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