Silicon Labs (SLAB) PT, Estimates Trimmed at Needham & Company; 'Buy' Maintained
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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.
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