Oppenheimer Adjusts Estimates Ahead of Littelfuse (LFUS) 3Q Report - PT to $155
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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."
Shares of Littelfuse Inc closed at $137.87 yesterday.
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