Intersil (ISIL) PT Bumped to $22 at Stifel
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Stifel analyst Tore Svanberg bumped the price target on Intersil (NASDAQ: ISIL) to $22.00 (from $21.00) following results but maintained a Hold rating.
Svanberg commented, "Revenue of $139.0mn (up 3.8% q/q) was above the midpoint of the company’s guidance range of $135.0mn-$140.0mn (up 0.7% to 4.5% q/q). Non-GAAP gross margin was 60.7%, up 112bps q-q. Non-GAAP operating expenses totaled $48.7mn, down 5.6% q/q. As a result, operating margin was 25.7%, up 458bps q-q and non-GAAP EPS came in at $0.22 per share, beating company guidance of $0.18-$0.20. Due to Intersil’s definitive agreement to be acquired by Renesas Electronics, the company is neither providing 4Q16 guidance nor holding an earnings conference call this quarter. We are, however, raising our estimates slightly on higher revenue run-rate and margins."
Shares of Intersil closed at $22.08 yesterday.
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