Jefferies Upgrades Spreadtrum Communications (SPRD) to Hold; TD Smartphone Momentum Offset by Headwinds

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Jefferies upgraded Spreadtrum Communications (NASDAQ: SPRD) from Underperform to Hold with a price target of $19.00 (from $11.00).

Analyst, Ken Hui, said, "While Spreadtrum should see solid TD smartphone momentum as China Mobile (NYSE: CHL) maintains handset subsidies at high levels, we see other headwinds, including stronger competitive threats in other TD products and EDGE/WCDMA smartphones, falling 2G prices, and bigger pressure on opex."

Raises FY EPS estimate from $1.85 to $2.06.

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 $17.09 yesterday, with a 52 week range of $12.63-$29.98.

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