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Needham & Company Raised Price Target on Mentor Graphics (MENT) Following 1Q16 Results

May 26, 2015 6:56 AM EDT
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Price: $37.25 --0%

Rating Summary:
    2 Buy, 5 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 9 | Down: 7 | New: 39
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Needham & Company maintain a Buy rating on Mentor Graphics (NASDAQ: MENT), and raised the price target to $30.00 (from $28.00), following 1Q16 results. MENT reported revenue of $272MM (vs $260MM estimates), and EPS of $0.28 (vs $0.18 estimates). MENT increased F16 NG EPS guidance by 3c to $1.88.

Analyst Richard Valera commented on MENT, saying, "Mentor's 1QF16 results reflected broad strength, most notably in our view, healthy emulation bookings (despite no Intel) and strong Auto bookings as this diverse and increasingly software/services-focused business continues to benefit from the secular growth of electronic/software content in cars. While full-year guidance was largely unchanged, we view the strong start as helping to de-risk the year and we expect the shares should continue to benefit from a solid EDA backdrop and improving peer multiples. We maintain our Buy while increasing our PT to $30 (was $28), or ~15x our C2016 NG EPS estimate."

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

Shares of Mentor Graphics closed at $25.77 yesterday.



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