Needham & Company Reiterates Buy on Integrated Device Technology (IDTI) Following Investor Meetings
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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.
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