UPDATE: Canaccord Genuity Initiates Buy, $14 PT on RDA Microelectronics Post Coolsand Acquisition

Canaccord Genuity initiated its coverage on RDA Microelectronics

with a Buy rating and a $14 price target. Canaccord Genuity noted, "RDA has a strong position in the 2G Chinese OEM RFIC market. We believe RDA's recent acquisition of Coolsand with its baseband technologies significantly increases RDA's addressable market opportunities and improves its technology roadmap. We believe RDA will integrate its low-cost RF and Bluetooth products with its new baseband capabilities, and this should expand RDA's dollar content share per handset in the Chinese OEM handset market (greater than 800M units). In addition, we believe RDA will introduce integrated EDGE and 3G baseband and RF chipsets in 2013 that should further bolster growth opportunities." RDA Microelectronics closed at $9.90 on Thursday.