Needham & Company Reiterates Buy on Microsemi (MSCC) Following 4Q Beat and Raise

November 11, 2016 8:49 AM EST
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Price: $52.95 +0.61%

Rating Summary:
    12 Buy, 3 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 31 | New: 42
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Needham & Company reiterated a Buy rating and $52.00 price target on Microsemi Corporation (NASDAQ: MSCC) following the company's 4Q earnings report. MSCC reported revenue of $450.1MM, above the midpoint of guidance and $448.0MM estimate. NG EPS of $0.91 also came in ahead of $0.89 estimates. Management guided revenue to $428- $442MM, above $430MM estimates. NG EPS is expected in a range of $0.82-$0.90, above $0.84 estimates.

Analyst Quinn Bolton commented, "Microsemi reported beat and raise results in F4Q16 with strength across all end-markets. Focused on delevering its balance sheet in the nearterm, Microsemi grew organically by 4.3% Q/Q in F4Q16. We are encouraged by the Q/Q organic growth and look forward to F2H17 results, when we expect Y/Y revenue comparisons to show organic growth of ~6%, at the low-end of management's 6%-8% target for organic growth. As the top-line returns to Y/Y organic growth and balance sheet leverage declines over the next year, we expect the company's valuation multiple to continue to expand. We reiterate our PT of $52, or an EV of 3.75x CY18 revenue."

For an analyst ratings summary and ratings history on Microsemi Corporation click here. For more ratings news on Microsemi Corporation click here.

Shares of Microsemi Corporation closed at $47.86 yesterday.



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