In a report published earlier today, J.P. Morgan & Co. reiterated its Overweight rating and $22.00 price target for Spreadtrum Communications, Inc. SPRD.
J.P. Morgan said its decision “is based on a 9x forward P/E, vs the historical average of 6x since 2009. The one-year forward P/E expanded from 4x on average in 1Q10 to 10x in 4Q11, as the percentage of revenue from TD rose from 19% to 47% in the period. YTD, one-year forward P/E decreased up to 6x as a percentage of revenue from TD to decline in 1H12, largely due to smartphone delays and, to a lesser extent, ongoing management changes at China Mobile.”
Spreadtrum Communications, Inc. closed yesterday at $17.43.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in