“Spreadtrum is facing a product transition period, which will be vital in determining its future market share, ASP and maJP Morganrgins. According to Huaqiang Research, single-core/dual-core/quad-core chipsets will represent around 25%/50%/25% of ‘made-in-China’ smartphone shipments in 2013, vs 80%/15%/5% in 2012. The company plans to introduce dual-core solutions in late 1Q/early 2Q and quad-core solutions in late 2Q/early 3Q. T-smart D98X using Spreadtrum’s dual-core TD-SCDMA chipset SC8825 will likely be launched in early March, based on our checks with T-smart. … We cut Dec-13 PT from HK$23 to HK20, based on 9x 2013E P/E, given shortening product cycle.,” JPMorgan Chase’s analyst commented.
A number of other analysts have also recently weighed in on SPRD. Analysts at Nomura cut their price target on shares of Spreadtrum Comms from $21.70 to $18.00 in a research note to investors on Wednesday. They now have a neutral rating on the stock. Separately, analysts at Bank of America reiterated a neutral rating on shares of Spreadtrum Comms in a research note to investors on Wednesday. They now have a $18.18 price target on the stock, up previously from $17.83. Finally, analysts at Chardan Capital downgraded shares of Spreadtrum Comms from a buy rating to a neutral rating in a research note to investors on Friday, January 18th.
Spreadtrum Comms traded down 1.37% on Wednesday, hitting $17.27. Spreadtrum Comms has a 1-year low of $12.63 and a 1-year high of $23.20. The stock’s 50-day moving average is currently $16.28. The company has a market cap of $821.6 million and a price-to-earnings ratio of 9.77.
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