UPDATE: Wunderlich Securities Initiates Coverage on Integrated Device Technology

Wunderlich Securities has published a research report on Integrated Device Technology IDTI initiating coverage on the tech company. In the report, Wunderlich Securities wrote, "Over the past three years, the company has successfully transitioned from a commodity memory and discrete communications components supplier into a mixed-signal, one-stop solutions provider addressing key secular growth areas of cloud computing, 4G wireless infrastructure, video, and mobility. We believe the seeds have been sown for a robust new product portfolio that should expand the company's footprint in a number of new end-markets and believe current valuation levels have failed to reflect the company's successful transformation." Wunderlich rated Integrated Device Technology a BUY with a price target of $9.00. Integrated Device Technology closed Wednesday at $5.45.