) to strong buy from buy.
Analyst Quinn Bolton tells S&P MarketScope the stock was upgraded on the belief that negative news stemming from the company's disappointing third-quarter call is now discounted into the share price. Bolton thinks forward-looking investors will be rewarded from a number of factors or catalysts, including compelling valuation, announcement of new tier-one handset customers, and commencement of TFT LCD driver IC shipments. Bolton says TFT LCD displays are increasingly being used in primary displays for both "candy bar" and flip phone handsets at the high end of the market, and are beginning to penetrate the mid-range market. The analyst kept the EPS estimates of 80 cents for 2004 and 55 cents for 2005, and has a $14 price target on the stock.