Collin Stewart Boosts Price Target on Volterra (VLTR) to $17

July 21, 2008 9:45 AM EDT

Collin Stewart raised its price target on Volterra Semiconductor (Nasdaq: VLTR) to $17, ahead of Q2 results due after the close today. The firm is maintaining their Buy rating.

The firm sees pro-forma EPS of $0.18 on sales of $27.8M, similar to consensus of $0.18/ $27.5M.

The firm said, "Our checks suggest that Volterra's business at graphics, server and networking customers were strong in the quarter, driven predominantly by market-share gains. In early July, when Nvidia (NVDA) pre-announced negatively, there was a sell-off in Volterra shares due to what we believe were misplaced concerns on the source of the problems at Nvidia. Our checks indicate that most of the problems at Nvidia were due to PC chipsets, and not on the high end graphics processors. We also believe that Nvidia's recently announced high-end graphics cards, the GTX-260 and GTX-280 that were launched in June use Volterra's power-management solutions."

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