UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Maxim Integrated Products

In a report published Friday, Jefferies reiterated its Buy rating on Maxim Integrated Products

, and raised its price target from $33.00 to $38.00. Jefferies noted, “MXIM posted a $0.01 beat for both DecQ results and the MarQ outlook. In 2013, we expect MXIM's 8%-17% P/E valuation gap to its peers to close as new products in handsets and autos, and exposure to Samsung enables it to outgrow its peers for the 3rd yr in a row. MXIM is one of our top picks for 2013.” Maxim Integrated Products closed on Thursday at $30.99.