UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on EZchip Semiconductor

In a report published Friday, Jefferies & Company reiterated its Hold rating on EZchip Semiconductor Ltd.

, and raised its price target from $33.00 to $37.00. Jefferies noted, “Q3 results and Q4 guidance beat lowered expectations, as new NP4 customers entered production sooner than expected. We maintain our Hold rating because 1) with up/down 40-50% QoQ revenue swings, EZCH's model remains volatile near-term, and 2) despite AT&T's positive CapEx outlook, visibility for EZChip remains low. We expect the stock to trade up near-term driven by short-covering. Reit. Hold with $37 PT.” EZchip Semiconductor Ltd. closed on Thursday at $30.36.