Needham & Company Reaffirm a 'Buy' on Newport Corp. (NEWP); Management Cautious, But Initiatives Will Kick In
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Price: $13.72 +2.69%
Rating Summary:
3 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 24 | Down: 17 | New: 24
Rating Summary:
3 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 24 | Down: 17 | New: 24
Trade NEWP Now!
Needham & Company reaffirm a 'Buy' on Newport Corp. (NASDAQ: NEWP) price target of $18.00 (from $21.00).
Analyst, James Ricchiuti, said, "NEWP turned in a solid Q2 report, with non-GAAP EPS slightly above our estimate, despite modestly lower than expected revenues. As expected, demand in the company’s Scientific Research and Defense market is slowing, as are portions of Life & Health Sciences market due to government funding issues. Bookings for Q2 were up 3% y/o/y, with the B-T-B at 0.98:1. Mgmt guided to flat revenues for Q3, below Street expectations, but has initiated a cost-reduction program, including realizing integration synergies from recent acquisitions. As a result, we are making only modest downward revisions to our EPS estimates."
For an analyst ratings summary and ratings history on Newport Corp. click here. For more ratings news on Newport Corp. click here.
Shares of Newport Corp. closed at $11.02 yesterday, with a 52 week range of $9.35-$19.50.
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Analyst, James Ricchiuti, said, "NEWP turned in a solid Q2 report, with non-GAAP EPS slightly above our estimate, despite modestly lower than expected revenues. As expected, demand in the company’s Scientific Research and Defense market is slowing, as are portions of Life & Health Sciences market due to government funding issues. Bookings for Q2 were up 3% y/o/y, with the B-T-B at 0.98:1. Mgmt guided to flat revenues for Q3, below Street expectations, but has initiated a cost-reduction program, including realizing integration synergies from recent acquisitions. As a result, we are making only modest downward revisions to our EPS estimates."
For an analyst ratings summary and ratings history on Newport Corp. click here. For more ratings news on Newport Corp. click here.
Shares of Newport Corp. closed at $11.02 yesterday, with a 52 week range of $9.35-$19.50.
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