UPDATE: Piper Jaffray Upgrades Volterra Semiconductor to Overweight

Piper Jaffray is out with its report today on Volterra Semiconductor VLTR, upgrading VLTR from Neutral to Overweight. In a note to clients, Piper Jaffray writes, "VLTR reported a strong Q2 and provided in-line EPS guidance for Q3 of $0.29-$0.35 versus consensus of $0.33. We think the company will be at the high-end of the range driven by continued enterprise notebook demand. While we expect the notebook upgrade cycle to slow next year, we believe VLTR will benefit from the launch of Intel's Romley server platform in Q4. In addition, we expect VLTR's share in notebooks to increase in Intel's next notebook platform Ivy Bridge due to launch in March 2012. These catalysts give us confidence in the company's earnings momentum through Q3:CY12. We are lifting our estimates, raising our PT and moving our rating to Overweight." Piper Jaffray moves its PT on VLTR from $25.50 to $28. Shares of VLTR closed Monday at $22.99, down 2.67% from Friday's close.