UPDATE: Wunderlich Initiates Entropic Communications to Buy

Wunderlich is out with its report today on Entropic Communications ENTR, initiating ENTR at Buy. In its report, Wunderlich writes, "We are initiating coverage of Entropic Communications with a Buy rating and a target of $8.00. Entropic is the leading silicon supplier of MoCAbased solutions that enable service providers to deliver whole home video entertainment. We expect MoCA to continue to expand its penetration in the U.S. market, which has ~100 mil pay TV homes and we believe ENTR's MoCA 2.0 solution to be the silicon of choice for next-generation IP-based multimedia gateways, which we expect to ramp aggressively in 2013." Shares of ENTR closed Wednesday at $3.57, down 1.38% from Tuesday's close.