Jefferies Upgrades Maxim Integrated Products (MXIM) to Buy

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Jefferies upgraded Maxim Integrated Products (NASDAQ: MXIM) from Hold to Buy with a price target of $33.00 (from $29.00).

"We think MXIM benefits as chipmakers on leading edge processes see transistor cost curves flatten, and we believe its Mixed Signal/Analog capabilities uniquely positions it to outgrow the industry over the next several years," the firm said. "We also like the 3.7% dividend yield, one of the highest in the semis, and believe that it is undervalued base on its growth and dividend payout."

FY12 EPS was raised from $1.82 to $1.85.

For an analyst ratings summary and ratings history on Maxim Integrated Products click here. For more ratings news on Maxim Integrated Products click here.

Shares of Maxim Integrated Products closed at $26.09 yesterday, with a 52 week range of $22.43-$30.00.

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