Needham & Company Reiterates Buy on Integrated Device Technology (IDTI) Following Investor Meetings
- Wall Street surges to new highs; transports set record
- lululemon athletica (LULU) Tops Q3 EPS by 4c; Adj.-Comps Outpaced Views
- Abbott (ABT) Files Complaint to Terminate Alere (ALR) Acquisition
- Costco Wholesale (COST) Tops Q1 EPS by 5c; Comps Up 1%, 2% Ex-Gas
- After-Hours Stock Movers 12/07: (VYGR) (LULU) (HRB( Higher; (OHRP) (VRNT) (CMTL) Lower (more...)
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial 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
- Needham & Company Raises Price Target on ChannelAdvisor (ECOM) After Meeting with Management
- Credit Suisse Upgrades Juniper Networks (JNPR) to Outperform
- RBC Capital Downgrades Concordia Healthcare (CXRX) to Underperform, $1 PT
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!