Jefferies Starts Semiconductor Manufacturing International (SMI) at Buy

Jefferies initiates coverage on Semiconductor Manufacturing International (NYSE: SMI) with a Buy rating and HK$0.76 price target.

Analyst Ken Hui said, "While China accounted for 52.5% of worldwide semiconductor consumption in 2012, SMIC has been seeing its foundry share fluctuate around 5% since 2009. However, we believe SMIC is looking at multiple sources of share expansion. We also expect SMIC to earn more sustainable profitability."

For an analyst ratings summary and ratings history on Semiconductor Manufacturing International click here. For more ratings news on Semiconductor Manufacturing International click here.

Shares of Semiconductor Manufacturing International closed at $3.94 yesterday.

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