UPDATE: Jefferies Upgrades Maxim Integrated Products to Buy on Cost Tailwinds and Yield

Jefferies raised its rating on Maxim Integrated Products

from Hold to Buy and increased its price target from $29 to $33. Jefferies noted, "We think MXIM benefits as chipmakers on leading edge processes see transistor cost curves flatten, and we believe its Mixed Signal/Analog capabilities uniquely positions it to outgrow the industry over the next several years. We also like the 3.7% dividend yield, one of the highest in the semis, and believe that it is undervalued base on its growth and dividend payout." Maxim Integrated Products closed at $26.08 on Wednesday.