UPDATE: Morgan Stanley Reiterates On Fairchild Semiconductor Intl Inc Following Analyst Day

In a report published Friday, Morgan Stanley analyst Craig Hettenbach reiterated an Overweight rating on

, and raised the price target from $18.00 to $21.00. In the report, Morgan Stanley noted, “FCS hosted an eventful analyst day in NY, its first in 4 years. We thought management struck the right tone—confident yet not overpromising. New key hires include COO (compelling presentation from Vijay Ullal), head of sales, power business unit leader, and head of marketing/HR. Execution issues have plagued Fairchild, but we have a strong sense that the management team (from CEO Mark Thompson down) now has a firmer grasp on the business, especially operationally. One example is supply chain/manufacturing improvements, evidenced by a 50% reduction in lead times to 6 weeks.” Fairchild Semiconductor closed on Thursday at $17.98.