UPDATE: Piper Jaffray Upgrades Freescale Semiconductor on Market Position
In a report published on Tuesday, Piper Jaffray analyst Auguste Gus Richard upgraded Freescale Semiconductor (NYSE: FSL) from Neutral to Overweight and increased the price target from $15 to $18.
In the report, Piper Jaffray noted, "We are raising our revenue estimates slightly this year and next. Additionally, we are also increasing our gross margin assumption driven by higher factory utilization as well as an improving mix of high margin RF and networking revenue. We also believe that further upside to our earnings estimates exists as FSL restructures its debt and thus lowers its interest expense.".
Freescale closed on Monday at $13.73.
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