Newport Beach chipmaker Conexant Systems Inc. saw its shares upgraded Wednesday on better revenue prospects.
Wachovia Securities upgraded Conexant from to “market perform” from “underperform.”
The company’s shares were up nearly 7% to $1.7 in trading Wednesday.
The investment bank said it was prompted to change Conexant’s rating based on market share gains and PC demand, which should offset concerns of aggressive pricing.
Conexant says it’s halfway through a turnaround bid and could return to profitability by year’s end. The company is struggling with declining sales and the bumpy integration of GlobeSpanVirata, which it bought in 2004.
