UPDATE: Jefferies Raises PT to $41 on EZchip Semiconductor on Execution

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Jefferies raises its price target from $40 to $41 on (NASDAQ: EZCH) on strong execution but reiterates its Hold rating on shares on competitive environment. Jefferies says, "Q1 results beat, and Q2 guidance was above Street estimates, though management admitted low visibility in the Service Provider market. While we expect EZChip to maintain a leading share of merchant NPU for the foreseeable future, we expect the competitive debate vs.Broadcom to increase, and limit expansion of EZCH's group-high valuation multiples. We could become more cautious with evidence of share loss."EZCH closed at $38.43 on Wednesday.

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