UPDATE: Goldman Sachs Reiterates Buy Rating, Raises PT on Freescale Semiconductor

In a report published Wednesday, Goldman Sachs reiterated its Buy rating on Freescale Semiconductor

, and raised its price target from $12.50 to $14.00. Goldman Sachs noted, “Freescale reported 4Q12 revenue of $957 mn (down 5% qoq), above the Street at $940 mn and GS at $917 mn, and at the high end of guidance (down 5% to 9% qoq). Operating EPS was ($0.20) including ESOs vs. GS at ($0.25), and ($0.15) ex. ESOs vs. the Street at ($0.18). Upside relative to our estimate was driven by 4% higher sales and 70bp higher gross margin. Freescale guided 1Q13 sales to $945 – 985 mn (down 1% to up 3% qoq), above the Street at $933 mn and GS at $928 mn. Gross margin is expected to be up 75 to 100bp qoq to about 40%, in line with the Street at 40.2%.” Freescale Semiconductor closed on Tuesday at $12.39.