NEW YORK, February 3 (FinanceEnquiry.com) - Analysts at Deutsche Bank Securities maintain their Buy rating on the shares of Magnachip Semiconductor (NYSE: MX). The 12-month target price has been raised from $12 to $16.

In a research note published yesterday, the analysts mention that Magnachip Semiconductor reported solid 4Q results, though it guided a weak 1Q, probably marking a cycle bottom. A sharp reversal in 2Q is expected and the full year estimates are increased on better Foundry outlook, the analysts add. The analysts believe the valuation to remain attractive, given the company’s intrinsic leverage, mainly within its Foundry business and potential for sizable upward EPS revisions arising from the downturn.