UPDATE: Chardan Initiates Coverage On Integrated Device Technology On Position To Benefit From High-Growth Markets

In a report published Thursday, Chardan analyst Jay Srivatsa initiated coverage on Integrated Device Technology Inc (NASDAQ: IDTI) with a Buy rating and $22.00 price target.

In the report, Chardan noted, “We are positive on IDTI's fundamentals as the company is expected to book order inflow for new products and higher margins. Additionally, IDTI's EPS growth and EBIT are higher compared to peers over 2013-15. Trading at a discount to its peer group on P/E basis, we see upside to the stock from current levels. Pegging 25x P/E, inline with peer group average, as fair value for IDTI, we are setting a $22 price target on IDTI.”

Integrated Device Technology closed on Wednesday at $17.08.