UPDATE: Canaccord Genuity Initiates Peregrine Semiconductor at Buy

Canaccord Genuity initiated coverage on Peregrine Semiconductor

with a Buy rating and a $23 price target. Canaccord Genuity noted, "We believe Peregrine's leading position in the RF switch market, with a strong growing TAM due to the increasing sales mix of LTE smartphones and tablets, positions the company for strong near-term earnings growth. If it executes on its long-term roadmap and gains RFIC content share through its UltraCMOS patented technology, then we believe Peregrine should post strong longterm earnings growth. With our checks indicating Peregrine has strong RF switch content in the LTE iPad, the iPhone 5, and the LTE versions of Samsung Galaxy S III and Note II, combined with our belief the growing mix of LTE smartphones will drive strong growth for Peregrine's RFIC TAM, we initiate with a BUY rating and $23 price target." Peregrine Semiconductor closed at $17.51 on Monday.