Canaccord Genuity Reiterates a 'Buy' on Spreadtrum Communications (SPRD); Strong Qtr; New Products to Drive 2H

May 4, 2012 10:14 AM EDT Send to a Friend
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Price: $30.93 --0%

Rating Summary:
    9 Buy, 7 Hold, 1 Sell

Rating Trend: = Flat

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Canaccord Genuity reiterates a 'Buy' on Spreadtrum Communications (NASDAQ: SPRD) price target raised from $19 to $21.

Analyst, T. Michael Walkley, said, "Spreadtrum reported Q1/12 sales of $161.1M, in line with our estimate, and pro forma EPS of $0.57, well above our $0.44 estimate. Further, management guided Q2/12 sales well above our estimates as new 40nm 2.5G solution should ship in volume during Q2/12 and new 1GHz EDGE and TD-SCDMA smartphone solutions will begin shipping in late Q2/12, or one quarter ahead of our expectations. We believe a larger mix of smartphone solutions in H2/12 should drive higher blended chipset ASP, stabilized gross margin, and solid earnings growth."

"We are raising our 2012 pro forma EPS estimate from $2.00 to $2.39 and our
2013 estimate from $2.40 to 2.65."

For an analyst ratings summary and ratings history on Spreadtrum Communications click here. For more ratings news on Spreadtrum Communications click here.

Shares of Spreadtrum Communications closed at $13.43 yesterday.

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