Oppenheimer Maintains a 'Perform' on BCD Semiconductor (BCDS); Adjusting Estimates After In-line Q2
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Rating Summary:
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Today's Overall Ratings:
Up: 1 | Down: 7 | New: 8
Rating Summary:
1 Buy, 5 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 1 | Down: 7 | New: 8
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Oppenheimer maintains a 'Perform' on BCD Semiconductor (NASDAQ: BCDS).
Analyst, Rick Schafer, said, "BCDS reported 2Q revenue/EPS of $36.8M/$0.13 vs. consensus $37.0M/$0.11. Third-quarter revenue guidance of $39M (+6% Q/Q) falls just shy of consensus $41.4M but in line with our $39M. AC/DC products rose 26% Q/Q as new design wins began to ramp, notably in datacom/STB, while Sensor ICs jumped 48%. GM increased 550bps Q/Q to 29.1%, better than forecast, as Fab 1 was near-fully utilized throughout the quarter. We are wary of ~70% exposure to PC/consumer through the sluggish macro in 2H12, and as Fab 2 comes online in 4Q, we expect the incremental $75M in annualized capacity to weigh on utilization/GM. We remain on the sidelines here."
FY12 EPS estimate increased from $0.37 to $0.41 and FY13 from $0.41 to $0.42.
For an analyst ratings summary and ratings history on BCD Semiconductor click here. For more ratings news on BCD Semiconductor click here.
Shares of BCD Semiconductor closed at $3.95 yesterday, with a 52 week range of $3.70-$7.26.
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Analyst, Rick Schafer, said, "BCDS reported 2Q revenue/EPS of $36.8M/$0.13 vs. consensus $37.0M/$0.11. Third-quarter revenue guidance of $39M (+6% Q/Q) falls just shy of consensus $41.4M but in line with our $39M. AC/DC products rose 26% Q/Q as new design wins began to ramp, notably in datacom/STB, while Sensor ICs jumped 48%. GM increased 550bps Q/Q to 29.1%, better than forecast, as Fab 1 was near-fully utilized throughout the quarter. We are wary of ~70% exposure to PC/consumer through the sluggish macro in 2H12, and as Fab 2 comes online in 4Q, we expect the incremental $75M in annualized capacity to weigh on utilization/GM. We remain on the sidelines here."
FY12 EPS estimate increased from $0.37 to $0.41 and FY13 from $0.41 to $0.42.
For an analyst ratings summary and ratings history on BCD Semiconductor click here. For more ratings news on BCD Semiconductor click here.
Shares of BCD Semiconductor closed at $3.95 yesterday, with a 52 week range of $3.70-$7.26.
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