Needham & Company Lowers Estimates on STEC (STEC) Posts Results; Keeps 'Hold' Rating
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Price: $3.39 +0.59%
Rating Summary:
2 Buy, 10 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
2 Buy, 10 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade STEC Now!
Needham & Company reiterated its Hold rating and lowered estiamtes on STEC, Inc. (NASDAQ: STEC) following the company's Q4 miss and lower Q1 guidance.
"We maintain our Hold rating on STEC based primarily on the company’s enterprise value (roughly $70M after hours) and accumulated IP," the firm comments. "Similar to previous quarters, we believe STEC is in the midst of a protracted transformation in its revenue mix from a high concentration of large OEMs, to one composed of a large number of enterprise class customers building systems for their own use or through the channel. We expect this to take time and for investors to remain skeptical until top-line revenue accelerates."
The firm cut FY13 EPS from ($0.88) to ($1.41). The sees FY14 EPS of ($1.14).
For an analyst ratings summary and ratings history on STEC, Inc. click here. For more ratings news on STEC, Inc. click here.
Shares of STEC, Inc. closed at $5.49 yesterday, with a 52 week range of $3.95-$9.80.
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"We maintain our Hold rating on STEC based primarily on the company’s enterprise value (roughly $70M after hours) and accumulated IP," the firm comments. "Similar to previous quarters, we believe STEC is in the midst of a protracted transformation in its revenue mix from a high concentration of large OEMs, to one composed of a large number of enterprise class customers building systems for their own use or through the channel. We expect this to take time and for investors to remain skeptical until top-line revenue accelerates."
The firm cut FY13 EPS from ($0.88) to ($1.41). The sees FY14 EPS of ($1.14).
For an analyst ratings summary and ratings history on STEC, Inc. click here. For more ratings news on STEC, Inc. click here.
Shares of STEC, Inc. closed at $5.49 yesterday, with a 52 week range of $3.95-$9.80.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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