J.P. Morgan Initiates Coverage On FCS With An OW Rating And $18 PT

Fairchild Semiconductor (NYSE: FCS) is undergoing a structural transformation “which we believe should lead to a secular increase in margins and result in multiple expansion for the stock,” J.P. Morgan reports.

“Despite the recent run in the stock, we believe there is further upside,” J.P. Morgan writes. “As a result, we are initiating coverage on Fairchild with an Overweight rating and a price target of $18.00.”

Fairchild Semiconductor currently trades at $14.33.