Oppenheimer Adjusts Estimates Ahead of Littelfuse (LFUS) 3Q Report - PT to $155

Oppenheimer reiterated an Outperform rating on Littelfuse Inc (NASDAQ: LFUS), and raised the price target to $155.00 (from $145.00), ahead of the company's 3Q earnings release. Revenue guidance midpoint was increased $13M to $279-281M from $262-272M, reflecting $5.5M from recently acquired product portfolio.

Analyst Christopher Glynn commented, "We are updating our model for LFUS announcement of stronger 3Q results vs. prior expectations. LFUS raised 3Q EPS guidance to $1.88-1.89 from $1.36-1.50, a $0.44 bump to the midpoint. Taxes account for $0.22 of the adjustment, as long-term tax planning drives a YTD adjustment to a new 18% run rate (from 22% prior). About 2/3 of the tax benefit reflects YTD adjustment, with ~$0.08 upside specific to new run rate for 3Q. Operational upside of $0.22 reflects higher revenue, accelerating PolySwitch integration benefits, and higher Electronics segment GM."

For an analyst ratings summary and ratings history on Littelfuse Inc click here. For more ratings news on Littelfuse Inc click here.

Shares of Littelfuse Inc closed at $137.87 yesterday.

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