UPDATE: Piper Jaffray Raises PT to $22 on Freescale Semiconductor

Piper Jaffray increases its price target from $19 to $22 on Overweight-rated Freescale Semiconductor

following in-line quarter and increased leverage into the second half. Piper Jaffray comments, "FSL reported in-line with estimates and guided revenue in-line with our model. Higher opex for Q2 trims earnings estimates for the June quarter, but annual estimates are unchanged. FSL expects to return to growth in Q2 with auto, consumer and industrial revenue up mid-to-high single digits and networking up mid-single digits. We expect auto to show the most strength. We also expect gross margin expansion to accelerate in 2H12 as utilization increases and continues through 1H:13 as FSL completes the closure of its 150mm plants." FSL closed at $14.28 on Thursday.