UPDATE: D.A. Davidson & Co. Reiterates On Rogers Corporation As Chinese LTE Networks Continue To Ramp

In a report published Monday, D.A. Davidson & Co. analyst Avinash Kant reiterated a Buy rating on Rogers Corporation ROG, and raised the price target from $69.00 to $77.00. In the report, D.A. Davidson & Co. noted, “Presenting at the recent Mobile Asia Expo, China Mobile chairman, Xi Guohua, detailed the company's 4G progress and aggressive network expansion plans. Expanding 4G is a top priority for China Mobile, which is targeting the goal of 50 million LTE subscribers in the not too distant future and noted the need to expand coverage to more than 500,000 base stations. While 4G in China remains focused on high-end devices, the push going forward is to branch out with devices targeting mass-market customers. "Similarly, both China Telecom and China Unicom have plans to deploy a significant amount of new LTE base stations by the end of 2014. Although exact timing of build outs can fluctuate, we believe growth in the near-term will remain robust and bode well for suppliers. With positive exposure to the widespread Chinese LTE build out, we see Rogers as a key beneficiary of this trend and anticipate results in the Printed Circuit Materials segment could continue to reach new highs.” Rogers Corporation closed on Friday at $64.28.