UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on Spreadtrum Communications

In a report published Friday, Jefferies & Company reiterated its Hold rating on Spreadtrum Communications SPRD, and slightly raised its price target from $19.00 to $20.00. Jefferies noted, “While we remain positive on Spreadtrum's smartphone shipments, competition and R&D spending continue to pressure margins. Maintain Hold with a new PT of US$20 (from US$19).” Spreadtrum Communications closed on Thursday at $21.33.