Needham & Company Reiterates Buy on Integrated Device Technology (IDTI) Following Investor Meetings
- Top 10 News for 9/26 - 9/30: Deutsche Bank Soars on Settlement; Twitter Back in the M&A Fray; Nike 'Just Didn't Do It' in Q1
- Wall Street rallies, led by Deutsche Bank, financials
- Viacom (VIAB) Forms Special Committee; Will Explore Potential Combination with CBS (CBS)
- Deutsche Bank (DB) Said Near $5.4B Settlement with U.S. - AFP
- Oil up second straight month on OPEC-fueled rally
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Needham & Company reiterated a Buy rating and $25.00 price target on Integrated Device Technology (NASDAQ: IDTI) after hosting management for investor meetings. Management expressed a high level of confidence that operating margin would trough in the September quarter.
Analyst Quinn Bolton commented, "We hosted the CEO of IDTI, Greg Waters, for a series of investor meetings in New York earlier this week. The overriding question from investors with whom we met was “when will the company return to growth?” We believe the next several quarters (through F4Q17) will be characterized by stable revenue and increasing operating income. We expect a return to meaningful organic revenue growth in FY18 driven by the ramp of sensors, the launch of Intel’s Purley/Skylake server platform, continued growth in RFICs and a stabilization of the communications business. Beyond these growth drivers, management highlighted three opportunities that could meaningfully accelerate the company’s growth rate over the next several years. We reiterate our Buy rating and $25 PT, based on a 17.5x P/E multiple of our CY17 NG EPS estimate."
Shares of Integrated Device Technology closed at $20.87 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Nutanix (NTNX) IPO Opens Up 66%
- Oppenheimer Raises price Target on Workday (WDAY) to $100 Following Customer Checks
- Costar Group (CSGP): Notes From The Road - Needham
Create E-mail Alert Related CategoriesAnalyst Comments
Related EntitiesNeedham & Company
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!