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Needham & Company Upgrades TriQuint Semiconductor (TQNT) to Buy; Its Time To Play Ball; Upgrading Ahead of Multiple 2012 Growth Drivers

August 10, 2011 8:00 AM EDT
Get Alerts TQNT Hot Sheet
Price: $27.55 --0%

Rating Summary:
    6 Buy, 8 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Needham & Company upgraded TriQuint Semiconductor (NASDAQ: TQNT) from Hold to Buy with a price target of $10.00.

Needham analyst says, "In coordination with our industry note, Sorting Through the Semiconductor Pillage, we are upgrading shares of TQNT to Buy. While TQNT is currently being punished due to the fallout from late 2010 capacity constraints, we believe the company is now poised to outgrow the market beyond 3Q11 for several primary reasons. 1) We believe TQNT will maintain significant dollar content in the next generation iPhone and would also benefit should Apple (Nasdaq: AAPL) choose to release an “iPhone Lite” or maintain production of older iPhone models in order to target prepaid and emerging markets. As the iPhone continues to gain share in the smartphone market, we expect TQNT will benefit. 2) TQNT has an outstanding partnership with baseband partner QUALCOMM (Nasdaq: QCOM) (NR) and is likely to experience substantial pull-through, particularly with OEMs in China, Korea and Taiwan (secular winner HTC-N/R). We note TQNT has secured primary print position on QCOM’s MMPA reference design and believe strong adoption of MMPAs next year may result in upside to our model. And, 3) given the company’s leadership position in WCDMA PA duplexer modules, we believe TQNT is well positioned as the market begins to adopt dual-band PADs beginning next year."

For more ratings news on TriQuint Semiconductor click here and for the rating history of TriQuint Semiconductor click here.

Shares of TriQuint Semiconductor closed at $6.44 yesterday.


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