Oppenheimer Upgrading Microsemi Corp.

Oppenheimer & Co. is upgrading shares of Microsemi Corp. MSCC to Outperform and putting a $28 price target on shares. In a note to clients, Oppenheimer & Co. 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. MSCC is a defensive name with limited consumer/PC exposure. We expect mgmt to deliver "classic" MSCC modest beat/raise June qtr results and believe now is the time to add/build positions as we move through the middle innings of the cycle." Shares of MSCC lost 8 cents on Friday to close at $20.87, a loss of 0.4%.