Needham & Company Reiterates a 'Buy' on Newport Corp. (NEWP); Outlook Appears Bright
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Price: $13.39 +0.07%
Rating Summary:
3 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
3 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade NEWP Now!
Needham & Company reiterates a 'Buy' on Newport Corp. (NASDAQ: NEWP) price target of $25.00.
Analyst, James Ricchiuti, said, "We continue to regard NEWP as one of the more attractively valued names in our coverage universe. The acquisitions of High Q Technologies and Ophir Optronics in the 2H of last year and purchase earlier this year of ILX Lightwave have significantly broadened NEWP’s revenue profile and reduced its exposure to the more cyclical microelectronics market. Based on conversations with other industry players, we believe business in Q1 has remained healthy, and we have become incrementally more positive about NEWP’s legacy microelectronics business. We are increasing our GAAP EPS estimates and believe our current 2012-2013 estimates remain conservative given the potential for increased operating leverage in the 2H of 2012."
Needham raises FY12 EPS estimate from $0.96 to $1.08 and FY13 from $1.36 to $1.45.
For an analyst ratings summary and ratings history on Newport Corp. click here. For more ratings news on Newport Corp. click here.
Shares of Newport Corp. closed at $17.63 yesterday, with a 52 week range of $9.35-$19.84.
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Analyst, James Ricchiuti, said, "We continue to regard NEWP as one of the more attractively valued names in our coverage universe. The acquisitions of High Q Technologies and Ophir Optronics in the 2H of last year and purchase earlier this year of ILX Lightwave have significantly broadened NEWP’s revenue profile and reduced its exposure to the more cyclical microelectronics market. Based on conversations with other industry players, we believe business in Q1 has remained healthy, and we have become incrementally more positive about NEWP’s legacy microelectronics business. We are increasing our GAAP EPS estimates and believe our current 2012-2013 estimates remain conservative given the potential for increased operating leverage in the 2H of 2012."
Needham raises FY12 EPS estimate from $0.96 to $1.08 and FY13 from $1.36 to $1.45.
For an analyst ratings summary and ratings history on Newport Corp. click here. For more ratings news on Newport Corp. click here.
Shares of Newport Corp. closed at $17.63 yesterday, with a 52 week range of $9.35-$19.84.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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