Needham & Company Remains Bullish as Integrated Device Technology (IDTI) Releases Weak 3Q Guide
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Needham & Company reiterated a Buy rating and $25.00 price target on Integrated Device Technology (NASDAQ: IDTI) following the company's 2Q earnings report. IDTI reported revenue of $184.1MM, in line with the mid-point of guidance of $179MM-$189MM. NG EPS of $0.34, was above the consensus estimate of $0.33. IDT guided F3Q17 revenue to $171MM-181MM and NG EPS to $0.34, modestly below $183MM/$0.34 estimates.
Analyst Quinn Bolton commented, "IDTI reported in-line F2Q17 results but provided F3Q17 revenue guidance below expectations reflecting the cancellation of the Samsung Note 7, the divestiture of a crystal oscillator business and weak demand in the base station market. However, tight OPEX controls, savings from the divestiture and synergies associated with the ZMDI acquisition mitigate the impact on earnings. With IDTI shares under pressure over the past few weeks, we believe the bad news is largely already reflected in the share price. We encourage investors to use recent weakness as a buying opportunity as we anticipate the company will return to Y/Y growth in FY18 driven by memory interface for the Purley server platform, growing adoption of wireless charging and traction in the sensor market. Reiterate Buy and $25 PT."
Shares of Integrated Device Technology closed at $20.71 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Oppenheimer Cuts Price Target on Workday (WDAY) Following 3Q; Reiterates Outperform
- Needham & Company Reiterates Buy on Pure Storage, Inc. (PSTG) Following 3Q
- Jefferies Cuts Price Target on Kroger (KR) to $30 Following 3Q and Guidance
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View
Related EntitiesNeedham & Company, Earnings, Definitive Agreement
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!