Montage Technology (MONT) Target, Estimates Raised at Needham & Company

January 9, 2014 1:25 PM EST
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Price: $22.59 --0%

Rating Summary:
    3 Buy, 4 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 28 | Down: 28 | New: 23
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Needham & Company analyst N. Quinn Bolton raised estimates and his price target on Buy-rated Montage Technology Group Ltd. (NASDAQ: MONT) from $19 to $25 following preliminary 4Q13 results, which exceeded management's prior guidance as well as our and the Street's estimates.

"The upside was driven primarily by increased demand for the company's memory interface solutions and to a lesser extent from continued growth in its STB business across the Chinese and emerging markets," Bolton notes. "We believe increasing adoption of LR-DIMMs for Ivy Bridge server platforms drove the strong sequential growth in memory interface products."

The firm raised 4Q13 estimates to $35.3MM/$0.31 from $33.0MM/$0.25, FY13 estimates to $110.7MM/$1.14 from $108.4MM/$1.07 and FY14 estimates to $150.0MM/$1.40 from $145.0MM/$1.30.

For an analyst ratings summary and ratings history on Montage Technology Group Ltd. click here. For more ratings news on Montage Technology Group Ltd. click here.

Shares of Montage Technology Group Ltd. closed at $19.60 yesterday.

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