Jefferies Upgrades Spreadtrum Communications (SPRD) to Buy

Jefferies upgraded Spreadtrum Communications (NASDAQ: SPRD) from Hold to Buy with a price target of $24.00 (from $20.00).

The firm comments, "China Mobile’s strong TD net adds are making the TD smartphone market larger. In the near term, Spreadtrum also sees stronger demand for TD smartphone chips and stabilizing prices given supply constraints."

The firm raised FY13 EPS estimates from $2.18 to $2.45 and FY14 EPS from $2.40 to $2.62.

For an analyst ratings summary and ratings history on Spreadtrum Communications click here. For more ratings news on Spreadtrum Communications click here.

Shares of Spreadtrum Communications closed at $18.27 yesterday.

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