Brean Capital Reiterates Buy on Analogic (ALOG) Following 4Q - PT to $100
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Brean Capital reiterated a Buy rating on Analogic Corporation (NASDAQ: ALOG), and raised the price target to $100.00 (from $90.00), following the company's 4Q earnings report. ALOG reported revenues of $138.1 million, ahead of the consensus of $139.0 million. EPS was reported at $1.02, missing consensus by $0.15.
Analyst Jason Wittes commented, "ALOG reported F4Q16 revenues down 11% to $138.1 million versus consensus of $139.0 million (our $137.2 million), and non-GAAP EPS of $1.02 versus consensus of $1.17 (our $1.07). As anticipated, revenues were impacted by an 11% decline in security and continued atrophy of the legacy OEM probe business. Earnings quality was good, especially on the expense control line, but a higher tax rate affected non-GAAP EPS by $0.11. The company expects F2017 revenue to grow “mid-single digits with continued non-GAAP operating margin expansion targeting approximately 1 point resulting in non-GAAP earnings growth of 10% to 14%”—we are maintaining our $540 million revenue estimate (6% growth), but lowering our EPS estimate to $4.05 (at the upper end of guidance) from $4.29, mainly reflecting a higher tax rate. New guidance reflects mid-teens ultrasound growth, flat, but stable medical imaging growth and a return to double digits. We think these are reasonably conservative estimates, with good visibility and limited contribution from new growth initiatives such as Rapid DNA. Expecting a less challenging F2017, we are raising our target from $90 to $100."
Shares of Analogic Corporation closed at $89.32 yesterday.
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