UPDATE: Citi Raising Price Target On Integrated Device Technology Inc (IDTI)

Citi Investment Research is raising its price target on shares of Integrated Device Technology Inc

to $11.25 from $10, and it has a Buy rating on shares. In a note to investors, Citi writes, "IDTI reported 4Q11(Mar) revenues of $147.3M, slightly above consensus of $145.2M, marking the first revenue upside for IDTI since 1Q11(Jun). Despite guidance for more meaningful sequential declines, IDTI reported 57.3% GM, only 20bps lower q/q, and noticeably above consensus (56.8%). Although operating expenses were modestly above consensus, higher sales and GM, combined with a $0.01 benefit from a one-time tax gain, led to pro forma EPS of $0.13, above consensus of $0.11. While there is surprising lack of stock correlation to EPS beats, the shares were up post-close." Shares of IDTI gained $2.25 yesterday to close at $29.07, a gain of 8.4%.