Deutsche Bank Reiterates Buy Rating, $10 PT on Intersil Corp.

In a report published Monday, Deutsche Bank reiterated its Buy rating and $10.00 price target on Intersil Corp. (NASDAQ: ISIL).Deutsche Bank noted, “While management transitions are typically disruptive as they occur, we are maintaining our Buy rating as we believe this change in many ways removes uncertainty and opens opportunities for ISIL to examine both its strategic direction and hopefully consider all strategic alternatives. A new CEO will not immediately cure ISIL's issues, but we do see near-term improvement potential at the company as we view the semi sector as being near a cyclical trough and believe a number of ISIL-specific growth drivers have finally shown traction in 2H12 (Consumer segment). When combined with a dividend that appears safe from cut, in our view, and offers nearly a 7% yield, we believe investors can garner an attractive return during this transition period with the prospect for a new strategic direction at the company to offer capital appreciation potential over the mid/long-term.”Intersil Corp. closed on Friday at $7.56.