Cogo Group (NASDAQ:COGO) ESP Estimates Raised for 2011

Needham & Company released their report on the mobile sector, and companies like Cogo Group (NASDAQ:COGO) which have put themselves in place to benefit from the growth in 2011 should benefit strongly.

Needham said, "As discussed in our industry report, we believe that four primary themes will drive the communication semiconductor market in 2011, including 1) the rapid growth of mobile connected devices such as smartphones and tablets, 2) the growing complexity of RF front-ends for mobile connected devices, 3) increasing attach rates of WLAN, Bluetooth and GPS functionality in mobile devices and consumer electronics and 4) the migration towards cloud computing and to higher bandwidth mobile networks.

"We are introducing 2012 revenue and non-GAAP EPS estimates (for Cogo Group) of $460MM/$1.00, representing 9.5% and 11.1% growth over 2011, respectively."

Needham maintains a "Strong Buy" on Cogo Group, which closed Monday at $8.89, down $0.07, or 0.78. Needham raised their price target on them from $11 to $12.