Deutsche Bank (DB) maintained its "Buy" rating on Freescale Semiconductor Holdings (NYSE:FSL), saying the company continues to offer patient investors a solid combination of cyclical and secular growth.
The company's fourth-quarter results were largely in-line with expectations, but first quarter revenue is expected to decline another -2-8% q/q, well below Street at flat as demand from wireless infrastructure customers has yet to recover, the bank noted.
DB analyst Ross Seymore, who raised price target to $17 from $16, expects first quarter to mark the cyclical trough and FSL's revenue and earnings should accelerate sharply starting in the second quarter.
Shares of the Austin, Texas-based company jumped 6.3 percent to $16.70 on Friday. The stock has been trading in the 52-week range between $9.43 and $20.97.
