UPDATE: Benchmark Upgrades Diodes to Buy

Benchmark is out with its report today on Diodes (NASDAQ: DIOD), upgrading DIOD from Hold to Buy.

In a note to clients, Benchmark writes, "Now that investor expectations have been reset lower, and considering the current valuation multiple, we are upgrading our rating from 'Hold' to 'Buy'. Longer-term, we believe the company's gross margin will recover, and has been the case for the past 15 years, we believe the company should continue to gain discrete component market share."

Benchmark has a $32 PT on DIOD.

Shares of DIOD closed Monday at $22.98.