UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Cavium

In a report published Friday, Jefferies reiterated its Buy rating on Cavium

, and raised its price target from $39.00 to $42.00. Jefferies noted, “Cavium's Q4 results beat, and guidance for Q1 revenues to grow 4% QoQ reflects continued revenue ramps in the low-cost wireless base station (BTS) market, along with renewed growth in Enterprise. Over the next 6-to-12 months, we expect 1) continued growth and share gains in BTS, 2) strong growth in Enterprise, and 3) positive design win momentum in Neuron and Thunder to confirm large TAM expansion in CY14+.” Cavium closed on Thursday at $33.44.