Virata Corp. (Nasdaq: VRTA) gained 7 1/2 to 58 1/2 Monday following reports that Banc of America Securities analysts reiterated a strong buy recommendation on the stock, with an expected price target of 150.
Virata recently said it expects a 115 percent increase in revenue for the first quarter ended July 2nd. The company said it shipped three times as many communications processors during the latest quarter as it did a year earlier.
Virata’s processors enable users to develop DSL equipment aimed at the high-speed communications market. The company is based in Santa Clara, California.