Wedbush Upgrades Zoran (ZRAN) to Outperform; Possible Scenarios Playing Out from Proposed CSR Merger

Wedbush upgraded Zoran (NASDAQ: ZRAN) from Neutral to Outperform. PT $13.

Wedbush analyst says, "We think risk/reward at this level is very compelling, and we upgrade Zoran (ZRAN) to an OUTPERFORM rating and reiterate our $13 PT as we see three possible scenarios playing out from its proposed merger with CSR which we believe all provide various degrees of upside for Zoran’s shareholders...Scenario 1 – CSR maintains current offer and completes acquisition of ZRAN: implies 25+% upside...Scenario 2 – CSR renegotiates exchange offer lower: we estimate potential new offer range implies 7% to 20% upside...Scenario 3 – Merger falls through, shareholders vote-in remaining Ramius board members who restructure Zoran, unlocking value of $13 per share based upon our sum-of-the-parts analysis: implies 65+% upside."

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

Shares of Zoran closed at $7.82 yesterday.

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