UPDATE: D.A. Davidson Reiterates Neutral Rating, Raises PT on Anadigics on Samsung Exposure
In a report published Monday, D.A. Davidson reiterated its Neutral rating on Anadigics (NASDAQ: ANAD), and slightly raised its price target from $1.75 to $2.70.
D.A. Davidson noted, “Waiting for a catalyst. While near-term concerns around the mobile market still leave questions about Anadigics' performance in the C1H'13, long term, we feel this name is making the right moves toward advancement and is waiting for a catalyst to jumpstart growth. We believe the company's customer exposure is growing more valuable, as Samsung continues to further penetrate the handset market. Combined, we believe multiple expansions in the space and the continued success of the Galaxy SIII warrant a higher multiple than ANAD is currently given. Therefore, we are raising our price target to $2.70 from $1.75 based on 1.6x tangible book value.”
Anadigics closed on Friday at $2.60.
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