Integrated Device Technology Inc (NASDAQ:IDTI) announced that it has selected Marubeni Information Systems Co., Ltd. (MSYS) to serve as one of its distributors in Japan. MSYS has been the Japanese distributor for ZMDI, a German company IDT acquired in December.
“MSYS has been a strong partner of ZMDI and is already very familiar with ZDMI products, which include advanced sensing and power solutions for the automotive industry,” said Kousuke Hazama, IDT country manager for Japan. “And now, after adding the full scope of leading IDT products, MSYS will have a potent portfolio for Japan’s automobile industry and other key sectors in the electronics field.”
“We’ve had great success and seen strong customer interest in the ZMDI products, and we are excited about the opportunity to showcase the broad range of IDT technologies,” said Masakazu Ikawa, managing executive officer, general manager of the Manufacturing Solutions Division of MSYS. “IDT’s leadership—in areas ranging from timing to RapidIO to wireless power—will give us plenty to talk about with electronics firms throughout Japan.” (Original Source)
Shares of Integrated Device closed last Friday at $19.95, down $0.18 or -0.89%. IDTI has a 1-year high of $29.04 and a 1-year low of $14.50. The stock’s 50-day moving average is $21.98 and its 200-day moving average is $21.47.
On the ratings front, IDTI has been the subject of a number of recent research reports. In a report issued on June 27, Merrill Lynch analyst Vivek Arya reiterated a Buy rating on IDTI, with a price target of $25, which represents a potential upside of 25.3% from where the stock is currently trading. Separately, on June 24, Needham’s Quinn Bolton reiterated a Buy rating on the stock and has a price target of $27.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Vivek Arya and Quinn Bolton have a total average return of 10.8% and 12.8% respectively. Arya has a success rate of 56.3% and is ranked #294 out of 4010 analysts, while Bolton has a success rate of 57.4% and is ranked #100.
The street is mostly Bullish on IDTI stock. Out of 4 analysts who cover the stock, 3 suggest a Buy rating and one recommends to Sell the stock. The 12-month average price target assigned to the stock is $24.75, which implies an upside of 24.1% from current levels.
Integrated Device Technology, Inc. designs, develops, manufactures and markets low-power, high-performance mixed signal semiconductor solutions for the advanced communications, computing and consumer industries. It offers communications solutions for customers within the enterprise, data center and wireless markets. The company operates business through two segments: Communications and Computing & Consumer. The Communications segment includes clock and timing solutions, Serial RapidIO switching solutions, Crystal Oscillator replacements, radio frequency, signal path products, flow-control management devices and first in and first out, integrated communications processors, high-speed static random access memory and digital logic and telecommunications products. The Computing & Consumer segment includes clock generation and distribution products, high-performance server memory interfaces, PCI Express switching solutions, signal integrity products, multi-port products, touch controllers, PC audio, power management solutions and video products.