Silicon Labs (SLAB) PT, Estimates Trimmed at Needham & Company; 'Buy' Maintained
- ADP Employment Change (Apr) 156K vs 195K Expected
- Unusual 11 Mid-Day Movers 5/4: (EBIO) (GKOS) (QUAD) Higher; (FSTR) (DXYN) (CRAY) Lower
- Wall St. falls as tepid data adds to growth worries
- The Priceline Group (PCLN) Tops Q1 EPS by 88c; Q2 Guidance Below the Street
- EIA Data Shows 2.78M Barrel Increase in Crude Inventory
Needham & Company analyst Vernon Essi, Jr. trimmed his estimates on Silicon Labs (NASDAQ: SLAB) to $51.00 (from $53.00) but maintained Buy rating following Q2 results.
Essi comments, "SLAB delivered Q2 upside in part driven by a patent royalty sale favorably impacting rev/EPS by $5M/$0.08. Without this impact rev/EPS would still have exceeded the upper end of the guided ranges. The Q3 revenue guide was a touch below consensus while EPS is a solid miss due to ongoing patent litigation that is expected to run $3M/Q (or $0.05 in EPS headwind) near-term. Otherwise the business segments were in fairly solid shape, especially Broad-based, which posted record revenues driven by IoT, and upside in Access."
FY 2014 EPS goes from $2.00 to $1.90 and FY 2015 EPS goes from $2.40 to $2.10.
Shares of Silicon Labs are down 13.9% today to $40.30.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Canaccord Genuity Cuts Starwood Hotels & Resorts (HOT) to 'Hold' as Analyst Sees Less Upside
- Oppenheimer Cuts Price Target as Gilead Sciences (GILD) Reports 1Q Miss
- Brean Capital Raises Price Target on Arrow Electronics (ARW) Following 1Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesNeedham & Company
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!