Canaccord Genuity Reiterates a 'Buy' on Integrated Device Technology (IDTI); Plot Thickens

Canaccord Genuity reiterates a 'Buy' on Integrated Device Technology (NASDAQ: IDTI) price target of $9.00.

Analyst, Bobby Burleson, said, "We reiterate our rating on IDTI following last night’s strong results and above-consensus guidance, expecting new product growth to accelerate in H2 of F2013 with a pick-up in LTE demand, ramping PCIe and wireless charging. While yesterday’s announced acquisition of PLX Technology (Nasdaq: PLXT) adds complexity to IDTI's turn-around story, meaningful cost synergies from a combined PLXT/IDTI PCIe business should materialize in just a few quarters assuming a FQ1 close."

For an analyst ratings summary and ratings history on Integrated Device Technology click here. For more ratings news on Integrated Device Technology click here.

Shares of Integrated Device Technology closed at $6.78 yesterday.

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