UPDATE: Citigroup Raises PT on Fairchild Semiconductor on Multiple Company-Specific Catalysts

In a report published Wednesday, Citigroup analyst Terence Whalen reiterated a Buy rating on

, and raised the price target from $16.00 to $18.00. In the report, Citigroup noted, “After hosting FCS CFO Mark Frey on the road we have increased conviction in our C14 EPS of $1.11 or 25% above Street. We prefer FCS over commodity analog stocks like IRF, ONNN, and MX due to multiple company specific catalysts including a) new MEMs product cycle revenue opportunity in C14, b) improving China industrial mix which helps FCS gross margins, and c) emerging manufacturing consolidation to drive 3-5 pnts of incremental gross margins.” Fairchild Semiconductor International closed on Tuesday at $13.80.