UPDATE: Wunderlich Initiates Integrated Device Technology at Buy

Wunderlich is out with its report today on Integrated Device Technology IDTI, initiating IDTI at Buy. In its report, Wunderlich writes, "We are initiating coverage of Integrated Device Technology, Inc. with a Buy rating and a price target of $9.00. 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." Shares of IDTI closed Wednesday at $5.45, down 4.39% from Tuesday's close.