link: Needham upgrade
http://clients.needhamco.com/Document.as...

ISSI F4Q09 (Sep): Strong Margins Supports Higher Share Price; Reiterate Buy and Raise PT to $6

We reiterate our Buy on ISSI and raise our price target to $6 (from $4.50), following a very strong F4Q09 (Sep) report in which ISSI reported surprise earnings and substantially higher margins. We believe the latest report demonstrates the expanded margin profile of ISSI's specialty memory business. As prices remain stable and demand recovers, we believe ISSI will be able to continue to expand its margins. With the company returning to profitability but still trading below its net cash and at just 0.63X P/TBV, we believe the stock is undervalued.