Needham & Company Raises Price Target on Rogers (ROG) to $75 Following Solid 3Q

November 4, 2016 8:26 AM EDT
Get Alerts ROG Hot Sheet
Price: $72.72 -0.41%

Rating Summary:
    7 Buy, 2 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 11 | Down: 31 | New: 42
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Needham & Company reiterated a Buy rating on Rogers Corp (NYSE: ROG), and raised the price target to $75.00 (from $70.00), following the company's 3Q earnings report. ROG reported revenues of $165M and EPS of $0.95, above prior guidance for $150-160M and adjusted EPS of $0.69-0.79. Previous consensus was $154M & $0.73.

Analyst Sean Hannan commented, "Coming out of ROG's 3Q beat through a particularly strong performance in EMS (as well as PES), we believe management is executing well and that ROG should be looking at healthy momentum as it soon enters 2017. With positive fundamentals remaining in EMS and PES, an improving environment in ACS to bring back growth, and cost/optimization actions effectively underway, we expect this to translate to earnings growth that should at least near if not exceed double-digits next year. Consequently, we raise our model estimates in addition to our target (now $75, up from $70) and reiterate our Buy rating."

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

Shares of Rogers Corp closed at $64.02 yesterday.



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