Oscar Gruss Upgrades DSP Group (DSPG) to Hold, But Remain Negative on Cordless Phone Industry
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Oscar Gruss upgrades DSP Group Inc. (Nasdaq: DSPG) from Reduce to Hold.
Oscar analyst says, "We are upgrading our rating to Hold despite disappointing 4Q08 results and gloomy outlook, as the stock trades within reach of our $5.5 price target. DSPG’s EV/Sales of 0.2x remains low, reflecting expectations for negative growth and significantly lower margins. We remain negative on the cordless phone industry as a whole. We draw further assurance from DSPG’s outlook, which was notably weaker than its fabless peers in the consumer electronics space. On the integration side, we believe management’s $181 million impairment underlines the dilutive outcome of NXP’s acquisition, and challenging prospects for the future. DSPG's current share price reflects a FY09 EV/Sales of 0.2x over our estimates, a discount compared to peers."
DSP Group, Inc. is a fabless semiconductor company, offering advanced chipset solutions for a range of applications.
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