UPDATE: Topeka Capital Markets Initiates Freescale Semiconductor with Buy on New Company Focus

In a report published Friday, Topeka Capital Markets analyst Suji De Silva initiated coverage on Freescale Semiconductor Ltd. (NYSE: FSL) with a Buy rating and $18.00 price target.

In the report, Topeka Capital Markets noted, “We are initiating coverage of Freescale Semiconductor with a Buy rating and an $18.00 price target. We are encouraged by the focus on slimming the manufacturing footprint, coupled with increased R&D focus on growth areas. We believe these actions will improve the health and stability of cash generation, alleviating investor concerns about the Company's heavier than average debt burden.”

Freescale Semiconductor Ltd. closed on Thursday at $15.30.