UPDATE: Jefferies Downgrades Spreadtrum Communications on Tsinghua Unigroup Merger Announcement

In a report published Monday, Jefferies analyst Ken Hui downgraded Spreadtrum Communications (NASDAQ: SPRD ) from Buy to Hold, but raised the price target from $28.50 to $31.00. In the report, Jefferies noted, “We continue to expect SPRD to close the transaction to be acquired by Tsinghua Unigroup, despite near-term business