Bank of America reiterated their neutral rating on shares of Spreadtrum Comms (NASDAQ: SPRD) in a research report sent to investors on Wednesday morning. The firm currently has a $18.18 price target on the stock, up from their previous price target of $17.83.
“SPRD should generate strong unit growth from (1) China/EM featurephone users upgrading to low-cost smartphones, (2) China Mobile’s push of TDSCDMA smartphones needed to drive data ARPU and avoid losing customers to CU (WCDMA network). We see ASP/margin headwinds from (1) 2G ASP pressures persisting, (2) limited mix/ASP improvement than MTK due to SPRD’s low-end positioning in smartphones, and (3) the high opex needed to enrichen is product mix (WCDMA, LTE, and CPU/GPU).,” Bank of America’s analyst commented.
Several other analysts have also recently commented on the stock. 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.
Shares of Spreadtrum Comms traded down 1.14% during mid-day trading on Wednesday, hitting $17.31. Spreadtrum Comms has a 52 week low of $12.63 and a 52 week high of $23.20. The stock’s 50-day moving average is currently $16.28. The company has a market cap of $823.5 million and a P/E ratio of 9.77.
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