UPDATE: Topeka Capital Markets Raises PT on RDA Microelectronics on Increasing Confidence in Growth Opportunity

In a report published Thursday, Topeka Capital Markets analyst Suji De Silva reiterated a Buy rating on RDA Microelectronics (NASDAQ: RDA), and raised the price target from $14.00 to $17.00.

In the report, Topeka Capital Markets noted, “We have increasing confidence in RDA's growth opportunity over the next several quarters. Our checks indicate an improving demand/inventory situation in the China handset market coupled with a normalization of currency headwinds that impacted China handset exports. We maintain our constructive investment outlook on RDA. Along with an increase in our 2014 estimates ($1.50 from $1.40), we are increasing our price target to $17 from $14, and maintain our Buy rating.”

RDA Microelectronics closed on Wednesday at $13.64.