Nomura Securities Upgrades Spreadtrum Communications (SPRD) to Buy; China Mobile's New Tender Results – SPRD the Biggest Winner

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Nomura Securities upgraded Spreadtrum Communications (NASDAQ: SPRD) from Neutral to Buy, price target raised from $14.30 to $24.00.

Analyst, Aaron Jeng, said, "Our earlier concerns were: 1) SC8810 may have performance issues; and 2) SC8810’s performance will not be strong enough to help China Mobile (NYSE: CHL) compete with CU models. The selection by CM has eased our first concern to a large extent. CM's priority of pushing volume more than specs has eased our second concern. Our 2012-13F EPS estimates are 15% higher than consensus now."

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 $16.49 yesterday, with a 52 week range of $8.59-$29.98.

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