UPDATE: Stifel Nicolaus Raises PT to $35 on Maxim Integrated Products on Above-Seasonal Guidance

Stifel Nicolaus reiterated its Buy rating on Maxim Integrated Products (NASDAQ: MXIM) and raised the price target from $33.00 to $35.00.

Stifel Nicolaus noted, "March quarter guidance (-4.2% to +0.8% q/q) reflects continuous strength in mobility, offset by weak overall business seasonality. Maxim expects its top mobility customer to replenish its inventory after making its characteristic year-end inventory adjustments. While Mar-Q momentum in mobility will be driven by existing products, we believe Maxim will ramp with its top customer's release of new products later in 2013 (some end products are rumored by the media to be slated for launch in May)."

Maxim Integrated Products closed at $30.99 on Thursday.