Needham & Company Cuts Estimates on Hutchinson Technology (HTCH); Softening Demand Leads To Pre-Announcement

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Needham & Company maintains a 'Hold' on Hutchinson Technology (NASDAQ: HTCH).

Analyst, Richard Kugele, said, "HTCH’s negative F3Q pre comes as no surprise following the build cuts we had seen at HDD players for the final month of June and the September quarter. The slowdown in global macro conditions and the resulting mixed demand has worked its way through the HDD supply chain as we had anticipated, and compounded the issues that had already been plaguing HTCH. We continue to believe a recovery will be a slow process for the company and maintain our rating until we have more visibility."

Needham lowers FY12 loss from (1.72) to (2.08) and FY13 from (1.03) to (1.71)

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

Shares of Hutchinson Technology closed at $1.71 yesterday, with a 52 week range of $1.31-$3.42.

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