Zacks Investment Research upgraded shares of LSI Corporation (LSI) from NEUTRAL to OUTPERFORM on August 14, 2013, with a target price of $9.25.
LSI reported better-than-expected second-quarter results wherein both the top line and bottom line came ahead of the Zacks Consensus Estimate. Moreover, the company provided a firm guidance. The expected growth in demand for Virtual Desktop Infrastructure, Hadoop and other Big Data applications and higher sales of flash-based products and product launches are expected to boost LSI's performance in 2013. We think that LSI's focus on flash-based technology will be beneficial for the company, going forward. Moreover, the continuous share buyback and dividend payout are expected to instill investors' confidence. Thus, we upgrade our recommendation on LSI from Neutral to Outperform with a target price of $9.25.
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