Exar Corp. (EXAR) PT Raised to $13 at Cowen on Revenue Growth Potential

Cowen and Co. analyst Timothy Arcuri reiterates Market Perform rating and raises price target on Exar Corporation (NYSE: EXAR) to $13 (from $11), noting the company should see double digit revenue growth through 2019.

Arcuri comments, "We are raising our estimates (introducing CY19) and target to $13 as we have greater conviction that EXAR can achieve its financial model with OpM the largest lever as revenues grow low teens through CY19. While valuation at $13 is full, see potential for upside from ~$225MM dry powder used for substantial capital return, and high exposure to industrial/auto could be complementary to an acquirer."

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