Canaccord Genuity Reiterates a 'Buy' on Integrated Device Technology (IDTI); Headwind Lifted
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Price: $8.07 -0.25%
Rating Summary:
2 Buy, 2 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
2 Buy, 2 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
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Canaccord Genuity reiterates a 'Buy' on Integrated Device Technology (NASDAQ: IDTI) price target of $9.00.
Analyst, Bobby Burleson, said, "We are reiterating our rating following IDTI’s release of an 8-K Wednesday detailing the agreement reached with Starboard, lifting a key headwind to the PLX Technology (Nasdaq: PLXT) acquisition. As a part of the agreement IDTI will expand its board to nine members, including two Starboard nominees, as well as set operating margin targets for F2013 and F2014 irrespective of the PLXT acquisition closing. While HSR antitrust approval remains, we believe approval is likely and we expect the deal will close in July."
"We are modeling operating margins of 11% for F2013, 15% for F2014, and exiting F2014 at 15%. We expect IDTI to achieve these operating margin targets with or without the PLXT acquisition."
For an analyst ratings summary and ratings history on Integrated Device Technology click here. For more ratings news on Integrated Device Technology click here.
Shares of Integrated Device Technology closed at $5.58 yesterday, with a 52 week range of $4.70-$8.10.
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Analyst, Bobby Burleson, said, "We are reiterating our rating following IDTI’s release of an 8-K Wednesday detailing the agreement reached with Starboard, lifting a key headwind to the PLX Technology (Nasdaq: PLXT) acquisition. As a part of the agreement IDTI will expand its board to nine members, including two Starboard nominees, as well as set operating margin targets for F2013 and F2014 irrespective of the PLXT acquisition closing. While HSR antitrust approval remains, we believe approval is likely and we expect the deal will close in July."
"We are modeling operating margins of 11% for F2013, 15% for F2014, and exiting F2014 at 15%. We expect IDTI to achieve these operating margin targets with or without the PLXT acquisition."
For an analyst ratings summary and ratings history on Integrated Device Technology click here. For more ratings news on Integrated Device Technology click here.
Shares of Integrated Device Technology closed at $5.58 yesterday, with a 52 week range of $4.70-$8.10.
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