Citi makes Maxim ‘Top Pick’ on Apple iPhone 5 prospects

“Shares of analog chip maker Maxim Integrated Products (MXIM) are up 66 cents, or 2.6%, at $26 this morning after Citigroup’s Terence Whalen this morning reiterated a Buy rating on the shares and raised his price target $2 to $32, and swapped it into the ‘Top Pick’ slot, replacing Avago Technologies (AVGO), writing that the company’s won the business to supply power management ICs for Apple’s (AAPL) next iPhone model, which he refers to as the ‘iPhone 5,'” Tiernan Ray reports for Barron’s.

Ray reports, “Qualcomm is reportedly having trouble with its own power controller chips in the iPhone; and [Whalen writes that] ‘A recent supply chain check stated MXIM was actively preparing to ramp production for a new APPL power chip, which foots with iPhone5 timing.'”

Read more in the full article here.


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