Spreadtrum Comms (NASDAQ: SPRD) had its price target decreased by Nomura from $21.70 to $18.00 in a research report sent to investors on Wednesday morning. The firm currently has a neutral rating on the stock.
“After SPRD?s investor meeting, we maintain our Neutral rating and lower our TP to USD18 (from USD21.7) on an unchanged 10x 2013F EPS estimate. The next six months are critical to SPRD because it targets to ship many new chips in this period. Given that SPRD shares have underperformed the market by 36% since its November investor call, coupled with recent guidance that its first dual core TD chip 8825 (2xA5) will start shipping by April (as a catalyst), we expect a possible share price rebound in the short term. However, we also look for competition to arise again when MediaTek?s 2nd generation dual core MT6572 (2xA7), which in our view is a cost-competitive chip with improved performance (A7 vs. A5), comes out in May/June.,” the firm’s analyst wrote.
Shares of Spreadtrum Comms traded down 0.92% during mid-day trading on Wednesday, hitting $17.3486. Spreadtrum Comms has a 52 week low of $12.63 and a 52 week high of $23.20. The stock’s 50-day moving average is currently $16.28. The company has a market cap of $825.3 million and a P/E ratio of 9.77.
SPRD has been the subject of a number of other recent research reports. Analysts at Bank of America reiterated a neutral rating on shares of Spreadtrum Comms in a research note to investors on Wednesday. They now have a $18.18 price target on the stock, up previously from $17.83. Separately, analysts at Chardan Capital downgraded shares of Spreadtrum Comms from a buy rating to a neutral rating in a research note to investors on Friday, January 18th.
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