UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT on Spreadtrum Communications

In a report published Wednesday, Canaccord Genuity reiterated its Buy rating on Spreadtrum Communications

, and slightly raised its price target from $21.00 to $22.00. Canaccord noted, “Spreadtrum VP of Business Development Diana Jovin presented today at the Canaccord Genuity Global Growth Conference. While we believe a larger mix of smartphone solutions in H2/12 and 2013 should drive higher blended chipset ASPs, stabilized gross margin, and solid growth in 2013, we believe softer feature phone trends and the phase-out of Spreadtrum's deferred cost program limit H2/12 sales...We reiterate our BUY and increase our price target to $22 due to improving smartphone trends leading to our increased 2013 EPS estimate.” Spreadtrum Communications closed on Tuesday at $17.28.