Canaccord Genuity Reiterates a 'Buy' on Spreadtrum Communications (SPRD); TD-SCDMA and Dual-SIM 2G Market Trends Positive

Canaccord Genuity reiterates a 'Buy' on Spreadtrum Communications (NASDAQ: SPRD) price target raised to $31.

Canaccord analyst, T. Michael Walkley, said, "Based on our checks ahead of an upcoming two week Asian research trip, we believe Spreadtrum’s business trends are strong. In fact, due to our checks indicating share gains in international markets, strong TD-SCDMA design wins, and improving TD-SCDMA market volumes, we believe Spreadtrum will report strong revenue and earnings growth for the next several quarters...We have increased our 2011 pro forma EPS estimate from $2.61 to $2.65 and our 2012 estimate from $2.62 to $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 $20.69 yesterday.

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