UPDATE: JP Morgan Upgrades Vishay Intertechnology to Overweight

JP Morgan raises its rating on Vishay Intertechnology

and increases its price target to $15.50 from $11 as the company's orders, revenues and orders are poised for sequential improvement. JP Morgan notes, "We are upgrading Vishay shares to Overweight from Neutral as demand for passive electronic components and discrete semis may have reached a bottom and we see good potential starting in Q2 for increasing orders, revenues and margins as inventory reductions cease. Q4 results were somewhat soft and Q1 guidance was below the Street but relatively in line with our estimates, clearing the deck for future results that could be biased to the upside. With VSH valuation still well below peak levels on potentially muted forecasts, we see good opportunity for near-term share appreciation." VSH closed at $12.41 a share yesterday.