UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Maxim Integrated Products on March Quarter EPS Beat

In a report published Friday, Jefferies analyst Mark Lipacis reiterated a Buy rating on Maxim Integrated Products MXIM, and raised the price target from $38.00 to $40.00. In the report, Lipacis noted, “MarQ EPS beat by $0.02 and revs beat by 150 bps. Order bookings improved QQ, and the company is ramping 3 chips into every Galaxy S4 phone, while industrial bookings improved. We think its new infrared gesture recognition product (in the S4) gives it excellent visibility. The JunQ outlook for revs slightly below consensus may temporarily disappoint, we're particular buyers on that weakness.” Maxim Integrated Products closed on Thursday at $32.92.