UPDATE: Credit Suisse Reiterates Neutral Rating, Raises PT on Maxim Integrated Products as Stock is Turning the Corner

In a report published Friday, Credit Suisse analyst John W. Pitzer reiterated a Neutral rating on

, and raised the price target from $32.00 to $35.00. In the report, Credit Suisse noted, “MXIM BEAT F2Q(Dec) Rev/EPS and guided F3Q(Mar) Rev/EPS ABOVE CS/Street – the strongest group results QTD and the first beat/raise for the Company since MarQ 2012. While MXIM's broad-based exposure is a good barometer for overall Semis in general and Analog specifically – upside is also company specific – Samsung headwinds have ceased, Apple Watch ramp has commenced, I/A/I continues to perform and restructuring actions beginning to bear fruit. In our 2015 Outlook we highlighted MXIM as well levered to one of our key themes: Wearables Jump a Buried Bar – specifically the company is likely to have ~$3 plus of content in Apple's Watch launching C1Q/C2Q (~5% of rev) – while sustainability of builds in C2H still uncertain – the reversal of topline fortune NT in combination with expected margin leverage from restructuring is a welcome start to 2015. We are raising our CY/FY15 EPS to $1.77/$1.50 from $1.74/$1.43 versus Street of $1.62/$1.42, and initiating CY/FY16 EPS of $2.01/$1.94 versus Street of $1.99/$1.79. We raise our TP to $35.00 from $32.00 representing 17.4x CY16 EPS (16.7x ex-cash) a multiple more in-line with the high-end Analog peer group based on Street estimates.” Maxim Integrated Products closed on Thursday at $33.01.