Zacks Investment Research upgraded shares of Microsemi Corp (MSCC) from UNDERPERFORM to NEUTRAL on April 25, 2013, with a target price of $21.00.
Microsemi Corporation is an OEM of a broad range of high-reliability and analog/mixed signal integrated circuits. First quarter results missed the Zacks Consensus and forward guidance looks optimistic. The bulk of revenue comes from stable end markets (defense, aerospace and medical equipment), where Microsemi serves most of the largest players. Microsemi's compelling products, scope for margin expansion and decent balance sheet are other positives. However, we consider the macro weakness and dependence on the government a big negative in the current situation. We are therefore upgrading Microsemi's shares from Underperform to Neutral.
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