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Lazard Keeps Neutral Rating on Ixia (XXIA) Amid Cut Q1 Outlook; Accounting Change Expected

April 12, 2013 6:59 AM EDT Send to a Friend
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Price: $9.50 --0%

Rating Summary:
    2 Buy, 6 Hold, 0 Sell

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Today's Overall Ratings:
    Up: 10 | Down: 8 | New: 0
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Ixia (Nasdaq: XXIA) is ticking lower in early trading Friday following reduced first-quarter 2013 expectations issued after the close of markets on Thursday.

Revenue is expected to be $121 million to $123 million, versus prior revenue expectations of $125 million to $127 million. The Street was looking for revs of $126 million.

Lazard is commenting on the new outlook today. The firm maintains a Neutral rating on the stock, but currently has no price target.

Analyst Ryan Hutchinson noted, "As we expected, Ixia revised its revenue guidance downward to reflect a change in accounting practices, resulting in a $4M shift in revenue from 1Q into prior periods....The lowered estimates stem from a prior accounting practice regarding Cisco's warranty and maintenance contracts that was deemed flawed, which was announced last week."

Shares of Ixia are down 4.8 percent early.

For an analyst ratings summary and ratings history on Ixia click here. For more ratings news on Ixia click here.

Shares of Ixia closed at $18.68 yesterday.




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