Needham & Company Reiterates a 'Buy' on Spreadtrum Communications (SPRD); Blowout Quarter Led by Further Penetration of Emerging Markets and Expanded Product Portfolio

Needham & Company reiterates a 'Buy' on Spreadtrum Communications (NASDAQ: SPRD), PT $30.

Needham analyst says, "Spreadtrum reported yet another phenomenal quarter, driven by further market share gains and the strength of new product offerings in emerging markets. Momentum continues in domestic China, and multi-SIM products are rapidly penetrating the faster-growing emerging markets of India, Africa and Southeast Asia. We are certainly encouraged by share gains, but are equally excited by the stabilization in GM, indicative that SPRD’s cost reduction initiatives, product enhancements and mix shift of expanded product offerings are helping offset the ever-competitive pricing environment. We expect SPRD to continue to gain share in emerging markets and to capitalize on 2011 growth in the Chinese TD-SCDMA market."

For more ratings news on Spreadtrum Communications click here and for the rating history of Spreadtrum Communications click here.

Shares of Spreadtrum Communications closed at $22.02 yesterday.

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