Lattice Semiconductor (LSCC): Ramp Remains On Track - Baird
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Baird analyst, Tristan Gerra, reiterated his Outperform rating on shares of Lattice Semiconductor (NASDAQ: LSCC) after the company reported 2Q16 EPS of $(0.03), below consensus of $0.01. GAAP EPS was ($0.12), PF revenue of $99.2 million was up 2.8% sequentially and in line with the midpoint of the guidance range of $97-$103 million. 2Q16 PF gross margin of 59.1% was 210bp higher than the midpoint of guidance of 55.0%-59.0%..
The midpoint of 3Q16 PF revenue guidance is below the $124.5 million consensus. 3Q16 revenue guidance is $110-$116 million, up 10.8% to up 16.9% sequentially.
The analyst stated "Product and design win diversification continues, with server wins starting to ramp late this year. 60GHZ technology remains promising with several end-market drivers"
No change to the price target of $8.00.
Shares of Lattice Semiconductor closed at $6.02 yesterday.
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