Needham & Company Analyst "Convinced" Brooks Automation (BRKS) Still a Buy

August 10, 2012 8:36 AM EDT
Get Alerts BRKS Hot Sheet
Price: $17.03 +1.01%

Rating Summary:
    6 Buy, 4 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 29 | Down: 29 | New: 23
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Needham & Company reiterated a Buy rating on Brooks Automation Inc. (NASDAQ: BRKS) but cut their price target to $11.00 (from $14.00).

Brooks Automation, Inc. is a leading developer and supplier of automation, vacuum and instrumentation solutions to in a variety of industries, including semiconductor equipment & adjacent markets, industrial capital equipment and life sciences.

Brooks Automation Inc. reported weak F3Q12 (Jun) results and provided substantially lower F4Q12 (Sep) guidance due to the weakening of the semicap cycle and some challenges facing the life science business, especially in Europe where customers are slow in awarding large contracts, notes today’s analyst report. However, analyst Y. Edwin Mok thinks these are near-term issues.

“Longer term, we remain convinced that BRKS’s expansion into life science, its focus in securing new design wins, and steps taken to improve margins are all contributing factors enabling revenue growth and higher profitability,” he said.

Needham & Company lower FY12 non-GAAP EPS to $0.43 and FY13 to $0.53.

For an analyst ratings summary and ratings history on Brooks Automation Inc. click here. For more ratings news on Brooks Automation Inc. click here.

Shares of Brooks Automation Inc. closed at $9.57 yesterday.

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