J.P. Morgan Reiterates Overweight on Fairchild Semiconductor

J.P. Morgan is out with its report today on Fairchild Semiconductor FCS, reiterating Overweight. In a note to clients, J.P. Morgan writes, "Today before the open, Fairchild reported its 2Q11 results. Although the company's 2Q11 print was mixed, its 3Q11 guidance was slightly above our expectations driven by continued strength from the industrial and appliance end markets (33% of 2Q11 sales) as well as design win ramps in the communications end market (18% of 2Q11 sales). We reiterate our Overweight rating." J.P. Morgan maintains a $20 PT on FCS. Shares of FCS closed Thursday at $16.59.