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Needham & Company Maintains a 'Buy' on ANADIGICS (ANAD); Tweaking Our Estimates On Ongoing Share Shifts in the Smartphone Market

July 15, 2011 7:46 AM EDT Send to a Friend
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Price: $0.63 -1.56%

Rating Summary:
    0 Buy, 5 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 13 | New: 4
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Needham & Company maintains a 'Buy' on ANADIGICS (NASDAQ: ANAD), PT lowered from $4.50 to $4.

Needham analyst says, "In coordination with our industry report, Summer Earnings Preview: Wait For the Event, Then Buy The News, we are modestly reducing our estimates for ANAD. While ANAD has a growing position with Samsung (NR), we are reducing our out quarter estimates to reflect lower sales to LG Electronics (NYSE: LGL) (NotRated) and other smartphone/handset OEMs that appear to be losing share to Apple (Nasdaq: AAPL), HTC (NR) and Samsung. The company has been making progress on securing new QUALCOMM (Nasdaq: QCOM) (NR) reference designs and we believe RIMM may present near term upside in 2Q11 as Research In Motion's (Nasdaq: RIMM) new smartphone models based on competitors’ solutions have been pushed out to September, but we would be cautious heading into the quarter. We continue to believe the company’s manufacturing assets present compelling value that is currently not being reflected in the share price." (FY12 EPS estimate lowered from (0.31) to (0.35), revenue estimate lowered from $175M to $165M)

For more ratings news on ANADIGICS click here and for the rating history of ANADIGICS click here.

Shares of ANADIGICS closed at $2.98 yesterday.




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