UPDATE: Wunderlich Raising Price Target On PCTEL (PCTI)

Wunderlich Securities is raising its price target on shares of PCTEL, Inc.

to $9.50 from $8.50, and is keeping its Buy rating. In a note to clients, Wunderlich writes, "We are increasing our 12-month price target on Buy-rated PCTEL (

) shares to $9.50 from $8.50. The backdrop for the increase is the opportunity of the PCTEL Secure smartphone and tablet technology joint venture, which we expect to be 100% owned by PCTEL by 2013. In addition, we believe the company continues to execute on opportunities for existing revenue streams in antennas and scanning receiver test equipment." Shares of PCTI gained 1 cent on Friday to close at $7.68.