UPDATE: Wunderlich Initiates Standard Microsystems at Buy

Wunderlich is out with its report today on Standard Microsystems SMSC, initiating SMSC at Buy. In its report, Wunderlich writes, "We are initiating coverage of Standard Microsystems with a Buy rating and a target of $36. SMSC has developed a core portfolio of computing and connectivity solutions with a leveragable business model marked by execution and margin expansion. While the consumer electronics segment should remain challenging in the near term, we believe it offers compelling growth opportunities over the long term, driven by proliferation of smartphone and tablet devices." Shares of SMSC closed Wednesday at $19.72, down 6.63% from Tuesday's close.