Needham & Company Reiterates Strong Buy on Inphi Corp. (IPHI) Following Solid 2Q
- Stocks dip as earnings pour in, consumer discretionary lags
- UPDATE: Alphabet (GOOG) Tops Q3 EPS Views; Revs Strong
- Twitter (TWTR) Tops Q3 EPS by 4c; Announces Restructuring, Workforce Reduction
- Cirrus Logic, Inc. (CRUS) Q2 Results and Guidance Beat Estimates
- Amazon.com (AMZN) Misses Q3 EPS by 26c, Offers Q4 Guidance
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Needham & Company reiterated a Strong Buy rating on Inphi Corp. (NYSE: IPHI), and raised the price target to $45.00 (from $44.00), following the company's 2Q earnings report. IPHI reported revenue from continuing operations of $60.5MM, easily ahead of $57.5MM estimates. NG EPS was $0.32, including a $0.02 tax benefit, better than $0.28 estimates.
Analyst Quinn Bolton commented, "Excluding its memory business, Inphi reported betterthan-expected 2Q16 results and 3Q16 guidance driven by accelerating Y/Y growth in its core optical business that is now expected to grow ~60% Y/Y in 2016. IPHI is experiencing strength in several areas including long haul, metro, DCI, and China, with the company increasing its share for linear TIAs and drivers. The company's ColorZ DWDM system is gaining traction with evaluation demand from several cloud and system OEM customers and should contribute meaningful revenue growth in 2017/2018. With strong visibility into year-end, we reiterate our Strong Buy rating, increase our NG EPS estimates and raise our PT to $45 from $44."
Shares of Inphi Corp. closed at $36.11 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Needham & Company Reiterates Buy on TTM Technologies (TTMI) Following 3Q
- Jefferies Raises Price Target on Coca Cola (KO) to $46 Following 3Q; Reaffirmed Guidance
- Jefferies Cuts Price Target on VCA Antech (WOOF) Following 3Q Miss
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesNeedham & Company, Earnings
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!