Spreadtrum (SPRD -0.3%), hammered yesterday by a Morgan Stanley downgrade, underperforms today after BofA slashes its PT. The firm is worried about Spreadtrum's position in the TD-SCDMA smartphone market, where its baseband chips compete with solutions from QCOM, MRVL, and MediaTek. A competitive Spreadtrum chip is unlikely to ramp before Q4, and a MediaTek solution arriving in 1H13 will offer better price/performance.
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