NEW YORK (Associated Press) - Shares of Anadigics Inc. soared Wednesday, after the wireless chip maker swung to a first-quarter profit and forecast second-quarter results above Wall Street expectations.

The stock rose $2.97, or 36 percent, to $11.30.

D.A. Davidson analyst Aalok K. Shah hiked his price target to $12 from $9, implying upside of 8 percent to Tuesday's $8.33 closing price.

Shah, who rates the stock at "Buy," touted the company's strength in handsets and margin improvement from strong sales growth in Anadigics' wireless business.

"The margin improvement is primarily attributable to strong revenue growth in the company's wireless business, which increased 21 percent sequentially and accounted for $51.2 million of revenue in the first quarter," Shah said.