Needham & Company Reiterates a 'Buy' on Ingram Micro (IM); Micron's (MU) Acquisition Announcement Boosts Confidence
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Price: $19.37 +1.47%
Rating Summary:
2 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Rating Summary:
2 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Trade IM Now!
Needham & Company reiterates a 'Buy' on Ingram Micro (NYSE: IM) price target of $10.00.
Analyst, Y. Edwin Mok, said, "Yesterday pre-market, Micron (Not/Rated) formally announced the agreement to acquire the bankrupted Elpida Memory. Given this announcement, together with IMI’s recently announced CDP with Fisrt Solar (Nasdaq: FSLR) (Hold), we are incrementally more confident about IMI’s revenue trajectory in the next few quarters. Though there is still uncertainty about Elpida’s volume-based royalty, which is based on the 20nm DRAM technology, we believe the advantage of Elpida’s low-power technology that was developed with IMI and an ongoing CDP program will ultimately result in licensing/royalty revenues from Micron."
Needham raises FY12 EPS from (0.05) to $0.01 and FY13 from $0.33 to $0.37.
For an analyst ratings summary and ratings history on Ingram Micro click here. For more ratings news on Ingram Micro click here.
Shares of Ingram Micro closed at $17.55 yesterday, with a 52 week range of $15.45-$19.80.
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Analyst, Y. Edwin Mok, said, "Yesterday pre-market, Micron (Not/Rated) formally announced the agreement to acquire the bankrupted Elpida Memory. Given this announcement, together with IMI’s recently announced CDP with Fisrt Solar (Nasdaq: FSLR) (Hold), we are incrementally more confident about IMI’s revenue trajectory in the next few quarters. Though there is still uncertainty about Elpida’s volume-based royalty, which is based on the 20nm DRAM technology, we believe the advantage of Elpida’s low-power technology that was developed with IMI and an ongoing CDP program will ultimately result in licensing/royalty revenues from Micron."
Needham raises FY12 EPS from (0.05) to $0.01 and FY13 from $0.33 to $0.37.
For an analyst ratings summary and ratings history on Ingram Micro click here. For more ratings news on Ingram Micro click here.
Shares of Ingram Micro closed at $17.55 yesterday, with a 52 week range of $15.45-$19.80.
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