Piper Jaffray Maintains Bullish Stance on OCZ Technology (OCZ), Citing Strong Guidance

May 2, 2012 9:49 AM EDT
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Piper Jaffray reiterated its Overweight rating and $17 price target on OCZ Technology Group (NASDAQ: OCZ) saying an in-line Q4 was overshadowed by strong FY13 guidance.

The firm notes theFY13 revenue guidance exceeded the consensus estimate by 30% at the mid-point. "We believe the significant upside came from ramping demand at Yahoo, which accelerated spending on traditional form factor SSDs (not PCIe)."

The firm raised FY13 revenue from $530.3 to $685M, but cut EPS from $0.58 to $0.32. FY14 revs were raised from $673.2M to $960M and EPS up from $0.94 to $0.98.

For an analyst ratings summary and ratings history on OCZ Technology Group click here. For more ratings news on OCZ Technology Group click here.

Shares of OCZ Technology Group closed at $5.99 yesterday.

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