Needham & Company Reiterates Buy on Electronics for Imaging (EFII); Reschedules 3Q Release
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Needham & Company reiterated a Buy rating and $58.00 price target on Electronics for Imaging Inc. (NASDAQ: EFII) following the company's announcement that its 3Q report has been rescheduled. The company announced that the event has been moved up by two days and is now scheduled for 10/24, after the close of market. Needham continues to estimate Q3 non-GAAP EPS at $0.57, compared with guidance of $0.55-$0.60 and consensus $0.58.
Analyst James Ricchiuti commented, "EFII yesterday announced that it was moving up its Q3 earnings report two days to after the market close on Monday, October 24th to address what it characterized as "inaccuracies and misleading assertions" in a short report issued last week. Although accelerating the earnings release date is unlikely to dissuade the bears and frankly acknowledging the report in so public a manner may give it more credence than it deserves, mgmt at the very least is sensitive to the recent weakness in the share price and appears ready to address issues raised in the report. For our part, with the exception of highlighting the recent deterioration in free cash flow, which we believe is a temporary issue, we did not see anything in it that alters our positive view of EFII and its growth prospects over the next 2-3 yrs. Reaffirm Buy"
Shares of Electronics for Imaging Inc. closed at $42.45 yesterday.
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