UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on Spreadtrum Communications

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In a report published Friday, Jefferies & Company reiterated its Hold rating on Spreadtrum Communications (NASDAQ: SPRD), and slightly raised its price target from $19.00 to $20.00.Jefferies noted, “While we remain positive on Spreadtrum's smartphone shipments, competition and R&D spending continue to pressure margins. Maintain Hold with a new PT of US$20 (from US$19).”Spreadtrum Communications closed on Thursday at $21.33.

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