Bank of America Reiterates Buy on Tessera Technologies Following New CFO Announcement

In a report published Wednesday, Bank of America analyst Krish Sankar reiterated a Buy rating and $23.00 price target on Tessera Technologies TSRA.

In the report, Bank of America noted, “Tessera today announced that Mr. John Allen will be the new CFO (effective today), taking over from Mr. Rick Neely. Mr. Allen has been the corporate controller since December 2012 and used to be at Corsair, Leadis Technology, AMD and Xilinx prior to his tenure at TSRA. We view this as part of the management changes at TSRA since the shareholder meeting, including a recently appointed (interim) CEO. There is no change to our estimates or thesis. We maintain our Buy rating.”

Tessera Technologies closed on Tuesday at $20.67.