Needham & Company upgraded M/A-COM Technology Solutions (NASDAQ: MTSI) from Hold to Buy with a price target of $38.00 on robust network growth.

Analyst N. Quinn Bolton commented, "M/A-COM delivered strong F3Q15 results as strength in Networks offset declines in Automotive and Multi-Markets. In Networks, weak fiber backhaul spending in China was more than offset by share gains in Access. F4Q15 guidance was slightly better than our estimates at the midpoint, driven by continued strength in optical and laser applications. We are positive on the pending divestiture of the Auto business as it transforms MTSI into an RF pure play with faster revenue growth and higher margins. With Networks strength expected to offset any EPS headwinds from the sale of the Auto business and with conservative guidance that excludes the impact of several promising growth drivers (e.g. GaN-on-Si, 100G datacom, MPAR), we feel the shares are currently trading at an attractive risk/reward ratio."

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Shares of M/A-COM Technology Solutions closed at $30.49 yesterday.