Needham & Company Maintains a 'Buy' on Ingram Micro (IM); Situations Are Stabilizing
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Price: $18.50 +0.43%
Rating Summary:
2 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
2 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade IM Now!
Needham & Company maintains a 'Buy' on Ingram Micro (NYSE: IM) price target of $10.00 (from $13.00).
Analyst, Y. Edwin Mok, said, "IMI’s 2Q12 results and 3Q12 guidance were both above consensus estimates. The company is making progress on multiple fronts: executing its CDP, engaging with multiple new customers, and expanding into the solar market by converting its engagement with First Solar (Nasdaq: FSLR) (Hold) to a full CDP. Additionally, the situation at Elpida is stabilizing, although there is still uncertainty surrounding the unit-based royalty until Micron (NYSE: MU) (N/R) completes the acquisition of Elpida. We believe management is executing its long-term strategy to expand customer engagement in multiple markets, and we continue to believe in IMI’s attractive royalty-bearing revenue model." (FY12 EPS estimate lowered from $0.01 to (0.01) and FY13 from $0.37 to $0.24)
For an analyst ratings summary and ratings history on Ingram Micro click here. For more ratings news on Ingram Micro click here.
Shares of Ingram Micro closed at $15.43 yesterday, with a 52 week range of $15.26-$19.80.
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Analyst, Y. Edwin Mok, said, "IMI’s 2Q12 results and 3Q12 guidance were both above consensus estimates. The company is making progress on multiple fronts: executing its CDP, engaging with multiple new customers, and expanding into the solar market by converting its engagement with First Solar (Nasdaq: FSLR) (Hold) to a full CDP. Additionally, the situation at Elpida is stabilizing, although there is still uncertainty surrounding the unit-based royalty until Micron (NYSE: MU) (N/R) completes the acquisition of Elpida. We believe management is executing its long-term strategy to expand customer engagement in multiple markets, and we continue to believe in IMI’s attractive royalty-bearing revenue model." (FY12 EPS estimate lowered from $0.01 to (0.01) and FY13 from $0.37 to $0.24)
For an analyst ratings summary and ratings history on Ingram Micro click here. For more ratings news on Ingram Micro click here.
Shares of Ingram Micro closed at $15.43 yesterday, with a 52 week range of $15.26-$19.80.
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