DA Davidson analyst Mark Kelleher raised his price target on Inphi to $32 after the company's in-line Q1 earnings and above-consensus guidance for Q2, saying that last quarter is showing signs of a bottom. The analyst cites the management's view that excess inventory of optical components in China has been worked down along with its unveiling of a "wide variety of new products targeted at both the data center and long-haul markets scheduled to roll out this year". Kelleher keeps his Neutral rating however, noting that much of the good news have been priced in.