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Lower Taxes, Strong Buybacks Push Plantronics (PLT) to Q1 'Beat' - Roth Capital

July 28, 2015 11:35 AM EDT
Get Alerts PLT Hot Sheet
Price: $31.87 --0%

Rating Summary:
    6 Buy, 4 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
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Roth Capital affirms Plantronics (NYSE: PLT) with a Buy rating and $64 price target following the company Q1 results issued Monday night.

Analyst Dave King noted that core EPS of $0.67 topped the firm's $0.60 estimate and the Street's $0.59 outlook. Revenue at $206.4 million compared with Roth's $205.4 million outlook and the Street at $205.6 million. The beat was largely driven by lower taxes and better-than-expected share repurchases.

On revenue trends, King commented, Core EPS of $0.67 (excluding $0.12/share in stock based compensation) exceeded our $0.60 estimate and consensus of $0.59 due to much lower taxes, stronger share repurchases, and lower-than-modeled interest expense. Revenue fell 4.8% (+0.5% in constant currency) YOY to $206.4 million, above our $205.4 million projection and consensus of $205.6 million.

Following results, King trims his FY17 EPS estimate from $3.75 down to $3.60.

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



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