Stock Update (NASDAQ:IDTI): IDT Corporation Announces Scosche Selects Wireless Power Technology for 15W Home/Automotive Charger

IDT Corporation (NASDAQ:IDTI) announced that Scosche, an award-winning innovator of consumer technology and car audio products and accessories, selected IDT’s 15W Qi-certified wireless power transmitter for its new MagicMount Charge Wireless Charging Magnetic Mount for fast-charging mobile devices. The sleek aftermarket mount/charger, built around the IDT P9242 wireless power transmitter, will be shown at CES this week at IDT’s booth, Sands Halls A-D 40736, as well as Scosche’s booth North Hall #7900.

“The MagicMount Charge melds two superior technologies-Scosche’s innovative magnetic mount product design (it’s the #1 mount brand in the U.S.) and the latest in Qi wireless power technology and performance,” said Kas Alves, executive vice president of Scosche. “The P9242 15W wireless power chip provides the highest level of integration for a small footprint, along with the fastest charge time for Qi-compliant devices, so selecting IDT as our partner was an easy decision.”

Expected to hit the market in early 2017, the MagicMount Charge uses powerful, but device-safe, rare-earth Neodymium magnets to secure wirelessly powered portable devices in place while they receive a charge via the IDT P9242 transmitter, a highly integrated 15W magnetic induction transmitter compliant to the WPC-1.2.2 specification. The MagicMount Charge product secures the portable device, keeping the transmitter and receiver aligned-even in challenging driving conditions-to ensure optimal wireless power transfer.

Scosche developed the product using IDT’s newly introduced turnkey 15W wireless power reference kit, which delivers the industry’s highest efficiency energy transfer and reduces system thermal issues.

“Scosche’s selection of our flagship 15W Qi transmitter for its MagicMount Charge Wireless Charging Magnetic Mount marks IDT’s latest success in bringing leading technology to the road,” said Chris Stephens, general manager of IDT’s Wireless Power Division. “We look forward to showcasing this product at CES as an example of the smart products innovative companies like Scosche are developing around our leading wireless power technology.” (Original Source)

Shares of Integrated Device Technology closed yesterday at $24.05, down $-0.48 or -1.96%. IDTI has a 1-year high of $25.87 and a 1-year low of $16.22. The stock’s 50-day moving average is $24.39 and its 200-day moving average is $21.81.

On the ratings front, Integrated Device Technology (NASDAQ: IDTI) has been the subject of a number of recent research reports. In a report issued on January 4, Pacific Crest analyst John Vinh assigned a Buy rating on IDTI, with a price target of $30, which represents a potential upside of 25% from where the stock is currently trading. Separately, on December 6, Loop Capital Markets’ Betsy Van Hees initiated coverage with a Buy rating on the stock and has a price target of $27.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, John Vinh and Betsy Van Hees have a yearly average return of 8.5% and 22.6% respectively. Vinh has a success rate of 54% and is ranked #599 out of 4348 analysts, while Hees has a success rate of 61% and is ranked #99.

Sentiment on the street is mostly bullish on IDTI stock. Out of 6 analysts who cover the stock, 5 suggest a Buy rating and one recommends to Sell the stock. The 12-month average price target assigned to the stock is $25.50, which implies an upside of 6% 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. 

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