Nomura Securities Starts Spreadtrum Communications (SPRD) at Buy; Strong Local Relationships in China

Nomura Securities initiates coverage on Spreadtrum Communications (NASDAQ: SPRD) with a Buy. PT $31.00.

Nomura analyst, Aaron Jeng, said, "We initiate coverage of SPRD with a Buy, based on its solid position in the fast-growing TDSCDMA chip market, product upgrade to EDGE in the 2G segment, and significant valuation discount to major rival MediaTek. Our PT is based on 12x 2012F EPS of USD2.62. We think SPRD an attractive proxy to China 3G growth, particularly given its strong local relationships."

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 $23.50 yesterday.

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