Needham & Company Upgrades Spreadtrum Communications (SPRD) to Strong Buy; Multiple Revenue Tailwinds Increase Our Conviction in 2012 Outlook

Needham & Company upgraded Spreadtrum Communications (NASDAQ: SPRD) from Buy to Strong Buy with a price target of $30.00.

Needham analyst says, "In our opinion, the market is giving SPRD little to no credit for its growth prospects. After its third straight beat-and-raise quarter,
SPRD now trades at <4x our 2012 non-GAAP EPS estimate, ex-cash. We have currently modeled $2.70 in 2012 pro forma EPS and there are multiple opportunities where the assumptions used in our model may prove too conservative. When market sentiment shifts, we believe SPRD can, and should, trade at 11x our 2012 non-GAAP EPS estimate. As such, we are upgrading shares."

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

Shares of Spreadtrum Communications closed at $13.48 yesterday.

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