UPDATE: Oppenheimer Upgrades Maxim Integrated Products to Outperform on Cyclical Growth Exposure

Oppenheimer upgraded Maxim Integrated Products, Inc.

from Perform to Outperform and announced a $38.00 price target. Oppenheimer noted, "In our view, this earnings season sets up as the "last cut," and we see MXIM as an early cycle leader. In addition, MXIM offers investors a sustained content increase play on smartphone/tablet—a top semiconductor growth vertical. Mgmt has executed well on its integration-focused wireless strategy, and Mobility now makes up close to 40% of sales, led by ~20% customer Samsung. GM remains at the high end of the range in spite of 2012's mix and utilization headwinds. Better utilization beginning in F4Q (June) should act as GM tailwind. MXIM's stable, diversified high CF model (~30% OCF) and 3.3% dividend yield further bolster our buy thesis." Maxim Integrated Products closed at $29.15 on Monday.