Needham & Company maintains a 'Buy' on Mindspeed Technologies (MSPD); Core Business Poised For Recovery

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Needham & Company maintains a 'Buy' on Mindspeed Technologies (NASDAQ: MSPD) price target of $7.00.

Analyst, N. Quinn Bolton, said, "Mindspeed reported F1Q12 results slightly better than its revised outlook, but gave mixed F2Q12 guidance reflecting stronger revenue offset by higher OPEX due to transitional expenses associated with the integration of Picochip. However, we expect OPEX to be in-line with our model in F3Q12 as management realizes acquisition synergies. With the core business poised for recovery, Transcede moving to field trials and the Picochip acquisition set to close in February, we model strong sequential revenue growth through C4Q12."

Bolton cuts FY12 EPS estimate from (0.15) to (0.27) and FY13 from $0.38 to $0.30.

For an analyst ratings summary and ratings history on Mindspeed Technologies click here. For more ratings news on Mindspeed Technologies click here.

Shares of Mindspeed Technologies closed at $5.64 yesterday, with a 52 week range of $4.17-$9.23.

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