Imagination announced a further £12.5m of cost savings yesterday. This is on top of the £15m of savings announced in February. Importantly the three core businesses, PowerVR, MIPS and Ensigma, will be unaffected by the cuts, with investment in PowerVR actually increasing. We previously outlined a scenario involving £8.5m of additional cost savings, which resulted in us increasing our TP to 191p. Yesterday’s announcement went further, driving larger upgrades than we had anticipated. We upgrade ou ....