Oppenheimer Raises Price Target on Littelfuse (LFUS) After Adjusting Estimates
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Oppenheimer reiterated an Outperform rating on Littelfuse Inc (NASDAQ: LFUS), and raised the price target to $145.00 (from $138.00), after updating the model. New higher margin specification wins for auto sensors appear on track in replacing legacy business and should fare well in 1H17 against the high-volume 1H16 comparisons. Oppenheimer raised 2017 EPS estimates by $0.10.
Analyst Christopher Glynn commented, "We continue to view shares of LFUS as our top pick for strategy deployment and compounding runway over the next several years. We are updating model for product lines acquisition from ON Semiconductor. We calculate the three deals closed YTD lift the revenue run rate by about 25%, with solid integration runway aiding long-term earnings growth conviction. Organic growth may slow to the lsd range in 2H16, but we note consistent organic growth of about 5% over the past 2.5 years, vs. flattish median for our coverage. The PolySwitch integration continues to pace aggressively, with full ERP consolidation expected within 7 months of the 3/25/16 close, and management expects that TSAs (transition service agreements) run off within 12 months of ownership."
Shares of Littelfuse Inc closed at $124.39 yesterday.
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