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Needham & Company Maintains a 'Hold' on Daktronics (DAKT); Raising Estimates on Strong Start To FY

August 22, 2012 8:34 AM EDT Send to a Friend
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Price: $11.85 +1.63%

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Needham & Company maintains a 'Hold' on Daktronics (NASDAQ: DAKT).

Analyst, James Ricchiuti, said, "DAKT turned in its strongest quarterlyperformance in nearly two years, posting stronger than expected revenues, margins and sharply higher EPS. The company registered record bookings, with a B-T-B of 1.3:1. Mgmt appears cautiously optimistic that the momentum can continue in FQ2, with revenue and gross margins expected to be above year-ago levels, although gross margins are unlikely to match FQ1, which benefited from a one-time item. While we are encouraged by DAKT’s strong start to the year, particularly with respect to gross margins, op-ex control and bookings, we would look to get more constructive on the stock as our confidence grows that gross margins are on a sustainable upward path. That said, we believe DAKT shares can hold yesterday’s gains, given the positive business tone thus far in the fiscal year."

FY13 EPS Estimate raised from $0.25 to $0.45 and FY14 from $0.38 to $0.55.

For an analyst ratings summary and ratings history on Daktronics click here. For more ratings news on Daktronics click here.

Shares of Daktronics closed at $9.43 yesterday.




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