Tessera Technologies (TSRA) NewsBite - Upgrade Lifts TSRA

Posted on Wednesday, August 20, 2008 1:09 PM

Tessera Technologies (TSRA) was upgraded today by analysts at Friedman Billings and the stock is now at $23.72, up $0.92 (4.04%) on volume of 737,017 shares traded. The brokerage lifted its rating on the stock to "Outperform" from "Market Perform." Over the last 52 weeks the stock has ranged from a low of $11.11 in March to a high of $44.97 in February. Tessera Technologies stock has been showing support around $21.88 and resistance in the $23.62 range. Technical indicators for the stock are bullish and S&P does not currently have a STARS rating for TSRA. If you are looking for a hedged play on TSRA the stock seems like it could be a candidate for a September out-of-the-money bull-put credit spread below the 17.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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