UPDATE: Bank of America Initiates Vishay Intertechnology with Buy on Multiple Positive Factors
In a report published Friday, Bank of America analyst Ruplu Bhattacharya initiated coverage on Vishay Intertechnology (NYSE: VSH) with a Buy rating and $19.00 price target.
In the report, Bank of America noted, “We initiate coverage of Vishay Intertechnology Inc. (VSH), a global manufacturer of passive and discrete semiconductor components, with a Buy rating and $19 PO. Our positive view is based on 1) relatively low inventory at distributors and VSH having yet to see the full benefit of restocking; 2) industry demand metrics indicate semiconductor sales and units are strengthening; 3) the automotive market (20% sales) remains strong; 4) positive book-to-bill, backlog and ASP trends; and 5) a consistent track record of 45%+ contributive (variable) margin and strong cash flows.”
Vishay Intertechnology closed on Thursday at $14.90.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.