Swings and roundabouts..
Shares in Imagination Technologies jumped more than 8 per cent to 474 pence in early trading today after Morgan Stanley upgraded its recommendation on the stock to overweight, the equivalent of a buy rating.
It also raised its price target to 570 pence from 450 pence.
The rise reversed a slide earlier this month when the company saw its shares plummet more than 6 per cent when it was revealed how key customer Samsung could be using rival technology in its new smartphones.
Simon Schafer, an analyst at rival bank Goldman Sachs, had cited “anecdotal evidence” indicating Korean giant Samsung’s new generation smartphones will incorporate intellectual design technology licensed not from Imagination but arch UK rival ARM and based around the Mali-T604 Graphics Core.