UPDATE: Citigroup Reiterates Buy Rating, Raises PT on Integrated Device Technology on Model Changes

In a report published Tuesday, Citigroup analyst Glen Yeung reiterated a Buy rating on

, and raised the price target from $13.00 to $15.00. In the report, Citigroup noted, “IDTI reported F4Q14 (Mar) revenues of $118.6M, above mid-pt guidance of $117 ($114-$120M) and consensus of $117.5M. However, non-GAAP gross margin of 61.1% was below the mid-pt guidance of 62.0% (61.5%-62.5%) and below consensus of 62.1%, due to inventory reserves associated with previous fab closure transition and product mix. With non-GAAP OpEx of $49.3M, below the low-end of $50.4M +/- $1M guidance range, non-GAAP EPS of $0.14 was above consensus of $0.13 and at the high-end of $0.12 to $0.14 guidance range.” Integrated Device Technology closed on Monday at $11.86.