Needham & Company Maintains a 'Hold' on Cohu (COHU); In-line Q2 with Muted Outlook
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Price: $11.32 +0.35%
Rating Summary:
0 Buy, 2 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
0 Buy, 2 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
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Needham & Company maintains a 'Hold' on Cohu (NASDAQ: COHU).
Analyst, Vernon Essi, Jr., said, "COHU reported Q2 revenue of $59M, ahead of consensus and our estimate of $58M, and EPS of ($0.01) in line with consensus but a penny below our estimate. Guidance was for flat revenue Q/Q at $60M despite a corporate book-to-bill of 1.18 and a semi equipment book-to-bill of 1.22. Semiconductor equipment orders were up 44% Q/Q and backlog grew 19% from $52M in Q1 to $62M in Q2. Management cited robust demand in the mobility and automotive markets and some of the larger IDMs have placed follow-on orders
of equipment. While the outlook looks disappointing relative to consensus we are encouraged on a relative basis as industry peer Teradyne (NYSE: TER) (N/R) just released a semiconductor equipment book-to-bill of 0.98. And COHU management indicated that the utilization rate on back-end assembly and test was 80%, up from 75% in Q1. However, broader semiconductor orders are losing momentum into the summer months and COHU’s outlook mimics that sentiment. We lower our 2012 revenue/EPS $248M/$0.30 to $242M/$0.05 and our 2013 revenue/EPS from $312M/$1.25 to $308M/$1.10."
For an analyst ratings summary and ratings history on Cohu click here. For more ratings news on Cohu click here.
Shares of Cohu closed at $8.72 yesterday, with a 52 week range of $8.51-$14.16.
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Analyst, Vernon Essi, Jr., said, "COHU reported Q2 revenue of $59M, ahead of consensus and our estimate of $58M, and EPS of ($0.01) in line with consensus but a penny below our estimate. Guidance was for flat revenue Q/Q at $60M despite a corporate book-to-bill of 1.18 and a semi equipment book-to-bill of 1.22. Semiconductor equipment orders were up 44% Q/Q and backlog grew 19% from $52M in Q1 to $62M in Q2. Management cited robust demand in the mobility and automotive markets and some of the larger IDMs have placed follow-on orders
of equipment. While the outlook looks disappointing relative to consensus we are encouraged on a relative basis as industry peer Teradyne (NYSE: TER) (N/R) just released a semiconductor equipment book-to-bill of 0.98. And COHU management indicated that the utilization rate on back-end assembly and test was 80%, up from 75% in Q1. However, broader semiconductor orders are losing momentum into the summer months and COHU’s outlook mimics that sentiment. We lower our 2012 revenue/EPS $248M/$0.30 to $242M/$0.05 and our 2013 revenue/EPS from $312M/$1.25 to $308M/$1.10."
For an analyst ratings summary and ratings history on Cohu click here. For more ratings news on Cohu click here.
Shares of Cohu closed at $8.72 yesterday, with a 52 week range of $8.51-$14.16.
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