UPDATE: Longbow Research Upgrades Diodes to Buy, Names $29 PT as Bookings are Still Positive

In a report published Friday, Longbow Research analyst Shawn M. Harrison upgraded the rating on

from Neutral to Buy, and named a $29.00 price target. In the report, Longbow Research noted, “We are upgrading the shares of DIOD to BUY and introducing a 12-month target price of $29. We see the recent selloff as unwarranted against the backdrop of positive book-to-bill ratios (1.03 vs. 1.03 last month and 0.99 last year), particularly in Asia where DIOD has a strong presence and continues to win share in smartphones and tablet PCs. Also, we see margin momentum from volume growth, BCD integration actions, and the restart of the Shanghai fab.” Diodes closed on Thursday at $23.70.