by Sam Collins | September 10, 2013 1:28 am
TriQuint Semiconductor (TQNT) — This midcap company is a worldwide developer and supplier of high-performance gallium arsenide microwave monolithic integrated circuits for wireless operations.
On Aug. 13, with the stock at $7.75, I said, “Annual gross margins are expected to grow by 32% in 2013 and 36% in 2014, according to S&P. Earnings per share are projected to be $0.06 in 2013 and $0.55 in 2014. S&P’s 12-month target is $10.”
On Monday, the company announced that its three new filters “will be followed by more products to meet stringent 4G performance requirements around the world.” Analysts say that 4G connections are expected to explode to 1 billion in 2017.
Technically, TQNT’s initial breakout in late April was a picture-perfect break from a double-top, followed in May by a golden cross, a very bullish signal. Following a channel down consolidation from mid-May to mid-June, the stock jumped on a breakaway gap to over $8.
It is now at the top of a bullish “V” formation and flashed a new buy signal from its MACD on Monday. Buy TQNT at the market with a trading objective of $10.
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