BofA/Merrill analyst Ruplu Bhattacharya upgraded Vishay to Buy from Underperform and raised its price target to $24 from $20. Bhattacharya's checks indicate component demand will exceed supply until at least the end of 2018, even with capacity additions. Further, the analyst said automotive and industrial demand, which accounts for 65% of Vishay's revenue, is strong, lead times continue to extend, the company has a strong book to bill and backlog, pricing on certain components went up in Q2, and expects buybacks and repatriation of cash in 2H 2018. Bhattacharya views valuation as attractive with approximately $6/share in cash and sees potential for further dividend increases.