Jefferies Raises PT on Conexant Systems to $2.45 (CNXT)

Jefferies is out with its report today on Conexant Systems

, raising its price target from $2.25 to $2.45. In a note to clients, Jefferies writes, "Conexant announced last night after market close an unsolicited bid from Golden Gate Private Equity, topping the current bid from SMSC. We are raising our price target to $2.45 to reflect the higher offer from Golden Gate Private Equity. We remain Hold rated but do recognize there is a high likelihood that SMSC raises its offer given the strategic fit." Shares of CNXT are trading pre-market at $2.46, up 17.42% from Monday's close.