Canaccord Genuity Adjusting Estimates on Imris Inc. (IMRS); Bookings and Margins Up

May 15, 2012 8:50 AM EDT Send to a Friend
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Price: $0.72 --0%

Rating Summary:
    4 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 24 | New: 21
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Canaccord Genuity maintains a 'Buy' on Imris Inc. (NASDAQ: IMRS) price target of $4.50.

Analyst, Jason R. Mills, said, "Q1 bookings of $24M exceeded our $22M estimate, and management set Q2 revenue guidance at $15-16M, higher than our estimate of $11.5M heading into the call, as backlog conversion is expected to accelerate. Notably, management continues to be very bullish about its sales funnel. We maintain our rating and price target, albeit we realize that multiple expansion may be challenging near term given the lumpy nature of new order bookings."

"We’re raising our FY12 sales estimate to $57.7M from $57.4M but lowering our LPS estimate to $(0.50) from $(0.42) based on higher technology development, R&D and regulatory spending, which impacts both GM and OpEx. That said, we remain focused on bookings trends as the primary leading indicator of the business’ health."

For an analyst ratings summary and ratings history on Imris Inc. click here. For more ratings news on Imris Inc. click here.

Shares of Imris Inc. closed at $3.20 yesterday.




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