Baird Reiterates Outperform on Diodes (DIOD) Following 3Q Report
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Baird reiterated an Outperform rating and $25.00 price target on Diodes (NASDAQ: DIOD) following the company's 3Q earnings report. Diodes reported EPS of $0.30, above the consensus of $0.28. Revenue of $250.7 million was in line with the $242-$258 million guidance midpoint. The midpoint of 4Q16 revenue guidance of $232-$248 million is below consensus of $248.3 million.
Analyst Tristan Gerra commented, "Reiterating Outperform rating on continued gross margin levers and Pericom accretion. 8-inch capacity ramp next year along with higher utilization rates, notably at BCD Fab 2, should contribute to gross margin expansion next year. Diodes is also making significant progress ramping its mix of higher-margin automotive business."
Shares of Diodes closed at $22.20 yesterday.
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