Needham & Company Reiterates Buy on Microsemi (MSCC) Following 4Q Beat and Raise
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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."
Shares of Microsemi Corporation closed at $47.86 yesterday.
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