Piper Jaffray Initiates Coverage On Freescale Semiconductor With Overweight Rating

According to Piper Jaffray, Freescale Semiconductor (NYSE: FSL) coverage is initiated with an Overweight rating.

Piper Jaffray said that it is initiating coverage of FSL with an Overweight rating and $27 price target. “We expect the company to deliver strong earnings growth as it benefits from gross margin expansion and deleveraging. Shares are significantly undervalued, in our opinion, as investors do not appreciate the improved execution and have concerns about company's debt.”

Freescale Semiconductor closed on Friday at $19.75.