Needham & Company Lowers Estimates on STEC (STEC) Posts Results; Keeps 'Hold' Rating

March 15, 2013 7:45 AM EDT Send to a Friend
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Price: $6.84 --0%

Rating Summary:
    2 Buy, 10 Hold, 3 Sell

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    Up: 14 | Down: 28 | New: 51
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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.


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