J.P. Morgan Reiterates Overweight on Peregrine Semiconductor Following CEO Meetings

In a report published Monday, J.P. Morgan analyst Harlan Sur reiterated an Overweight rating and $16.50 price target on Peregrine Semiconductor Corp. PSMI. In the report, J.P. Morgan noted, “After meetings with Peregrine Semiconductor's CEO, Jim Cable, we came away confident that the company's position as the number one supplier in the main/diversity antenna switch market in LTE smartphones remains unchanged and that trends in the LTE smartphone market (move to LTE advanced) will continue to drive dollar content gains that are already starting to materialize for the company and should be a strong driver in 2014. Moreover, the company's non-mobile business (~30% of revenues, 65%+ GMs) should grow faster than its served markets as new product ramps in networking infrastructure, automotive, and broadband commence. We reiterate our Overweight rating on PSMI.” Peregrine Semiconductor Corp. closed on Friday at $10.74.