VIRAGE LOGIC (VIRL)
August, 2009. Initiated coverage of VIRL with Buy rating at $4.60 per share with a price
target of $7.50. Algorithm Capital is one of only three firms providing analyst coverage.
February, 2010. Increased price target from $7.50 to $10.00 per share, after VIRL's
excellent 1st quarter results are released. Fiscal 1Q includes revenues from the CMOS intellectual property division recently acquired from a highly leveraged NXP.
June, 2010. Virage Logic is acquired by Synopsys for $315 Million ($12.00 per share).