Jefferies Raises PT and Estimates on Magnachip Semiconductor (MX); Visibility Best In Years

Jefferies maintains a 'Buy' on Magnachip Semiconductor (NYSE: MX) price target raised from $41 to $49.

Analyst, Corey Davis, said, "Medicis reported the biggest upside in recent memory earlier this week with $0.60 EPS (consensus $0.47). However, much of this comes out of Q2 as wholesalers work down inventory of Solodyn and Ziana. We are raising numbers and have much higher conviction in out-year earnings."

FY12 EPS estimate raised from $2.67 to $2.77, FY13 from $3.14 to $3.27 and FY14 from $3.51 to $3.61.

For an analyst ratings summary and ratings history on Magnachip Semiconductor click here. For more ratings news on Magnachip Semiconductor click here.

Shares of Magnachip Semiconductor closed at $11.16 yesterday.

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