UPDATE: Benchmark Upgrades Diodes To Buy

Benchmark has published a report on Diodes, Inc. DIOD anticipating 2Q11 results. In the report, Benchmark says, "Diodes, Inc. is scheduled to report 2Q11 results after the market close on August 9. Given that the company provided a mid-quarter update just five weeks ago, we expect in-line 2Q11 results. Due to the fact that the chip industry is dealing with what should be a short and shallow inventory correction, we believe Diodes' management will provide a tepid outlook for 3Q11. Thus, we believe shares of Diodes should start to perform better once 3Q11 guidance is given on August 9. Valuation multiples for Diodes are well below historical averages, and 2HFY11 investor expectations (consensus and whisper) are quite low." Benchmark rates Diodes a Buy with a price target of $32.00. Diodes closed Friday at $24.52.