Needham & Company Remains Sidelined on Xcerra (XCRA) Following Investor Meetings
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Needham & Company reiterated a Hold rating on Xcerra Corporation (NASDAQ: XCRA) following the company's investor meetings. Management stated that InCarrier WLCSP solution is in the last step of certification with the 2nd customer and points out that COHU is at least 6-9 months behind as the competitor's system is still not ready. XCRA also highlighted that it was invited by a leading fabless chip maker in China to set up the new R&D center on the customer's campus.
Analyst Edwin Mok commented, "Last week, we had the opportunity to host investor meetings with XCRA. Given that the back-end test space is entering a seasonally slower period, the conversations with investors were largely focused on XCRA's growth prospects going into CY2017. Management has previously provided a target of adding $15-25MM incremental revenue in FY2017 (Jul) by successfully growing in three areas: DiamondX, MT2168 handler, and InCarrier. We believe the comments from the roadshow suggest XCRA is making incremental progress toward this goal. Our model currently assumes that the core business beyond these drivers will remain largely stable with the puts and takes of the various pieces of businesses balancing out, and therefore we will watch for validation of growth in the new areas before getting aggressive on the name."
Shares of Xcerra Corporation closed at $5.78 yesterday.
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