Canaccord Genuity Reiterates a 'Buy' on Spreadtrum Communications (SPRD); Raising Estimates

Canaccord Genuity reiterates a 'Buy' on Spreadtrum Communications (NASDAQ: SPRD) price target of $31.00.

Canaccord analyst, T. Michael Walkley, said, "During our current Asia research trip, we met with Spreadtrum’s CFO Shannon Gao. We believe Spreadtrum’s business trends remain strong, and our checks indicate growing market share for Spreadtrum in the ramping TD-SCDMA market. As a result, we believe Spreadtrum will report strong revenue and earnings growth for the next several quarters."

"We are raising our 2011 revenue estimate to $677M and our pro forma EPS estimate to $2.73 from $661M/$2.65 and our 2012 estimates to $752M/$2.86 from $731M/$2.80."

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 $19.75 yesterday.

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