Shares of Anadigics Inc. (ANAD) are up 12 percent to $4.49, after rallying as much as 16 percent to touch an intraday high of $4.64, the most since May 2009. The maker of chips for cell phones was upgraded to ‘Buy’ from ‘Hold’ by Stifel Nicolaus analyst Patrick Newton, who said the co.’s earnings are likely to beat Wall Street expectations in the second half of the year.
Barrons: “After recent checks, we believe ANAD is experiencing continued strength within its wireless segment, particularly through momentum with Research In Motion (RIMM) and a continued rebound in business from Samsung,” Newton writes. “Based on these checks, we are raising our June quarter expectation to 25% sequential wireless growth compared to our prior view of 20%.”
Newton set ANAD’s price target at $5.50 based on near-term upside, noting that the co.’s quarterly revenue of about $80 million to $90 million should increase to $160 million to $200 million range.
Shares of Anadigics gained $0.56, or 14%, to $4.56 rtq at 1:35 E.T. in Nasdaq trading.