Needham & Company Cuts Price Target on Electronics for Imaging (EFII) Following Solid 3Q
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Needham & Company maintained a Buy rating on Electronics for Imaging Inc. (NASDAQ: EFII), and cut the price target to $56.00 (from $58.00), following the company's 3Q earnings report. Revenues increased 7% to $245.6M, at the low end of guidance of $245- $250M and below consensus $247M. Non-GAAP EPS $0.58 was at the high end of guidance of $0.55- $0.60 and in line with consensus' $0.58. EFI guided to revenue growth of 5-7% in Q4 to $270M-$275M, vs. consensus of $274M. Non-GAAP EPS was guided to $0.71- $0.76, vs. consensus' $0.76 estimate.
Analyst James Ricchiuti commented, "EFI after the market close yesterday posted Q3 results that were largely in-line, as revenues grew 7% y/o/y, while EPS were in line with Street expectations. The performance was driven by 17% growth in the Industrial Inkjet business and 25% growth in productivity software. The legacy Fiery business, was down a larger than expected 15% y/o/y, owing to lower orders from a major partner (believed to be Xerox). The high-end of Q4 guidance met consensus but were below our more aggressive Q4 expectations as weakness in the Fiery business with this major partner is likely to persist through the end of the year. That said, we remain optimistic about EFI’s growth prospects in 2017, including its entry into the corrugated packaging printing market with the new Nozomi platform. We reiterate our Buy rating."
Shares of Electronics for Imaging Inc. closed at $43.60 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
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