UPDATE: Oppenheimer Upgrades Microsemi to Outperform

Oppenheimer is out with its report today on Microsemi MSCC, upgrading MSCC from Perform to Outperform. In a note to clients, Oppenheimer writes, "We are upgrading MSCC to Outperform from Perform and establishing a $28 price target. In selecting the best semi names to play for 2H11 into 2012, MSCC stands out by offering investors the rare combination of best-in-group visibility, steadily growing backlog and margin expansion. It has lagged YTD, off 10% vs. peers' flat. The recent 12% pullback, driven by what we see as exaggerated concerns over defense spending, creates a compelling buying opportunity." Shares of MSCC closed Friday at $20.87, down 0.38% from Thursday's close.