UPDATE: Jefferies Raises PT on EZchip Semiconductor Following Strong Results/Guidance

In a report published Thursday, Jefferies analyst Sundeep Bajikar reiterated a Hold rating on EZchip Semiconductor EZCH, and raised the price target from $29.00 to $31.00.

In the report, Jefferies noted, “EZChip delivered better than expected results and guidance, and appears to be seeing continued signs of uptick in carrier spending. After large cuts in Street estimates over the last couple of quarters, our model is now roughly in line with the Street's and we expect EZCH to track the group's performance. We could become more constructive with lower valuation or more cautious with evidence of imminent competitive threat. Maintain Hold.”

EZchip Semiconductor closed on Wednesday at $32.40.