Needham & Co. Trims PT, Maintains Buy on Intevac (IVAC)

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Needham & Company today reiterated a Buy on Intevac (NASDAQ: IVAC) and trimmed its price target to $6.00 (from $7.00) in the wake of the company's Q4 results. The price cut reflects "lengthened time to profitability", but overall analysts are positive on the stock.

"We maintain our Buy rating as we believe that IVAC will significantly reduce its cash burn by 50% in 2013," said analyst Richard Kugele.

"Furthermore, with at least 60% of all HDD platters produced on IVAC tools, the company is well positioned to benefit from a rebound in tool orders in 2014. Incremental solar orders, which we believe are increasingly likely, would represent upside to our model," added Kugele.

For an analyst ratings summary and ratings history on Intevac (NASDAQ: IVAC) click here. For more ratings news on Intevac click here.

Shares of Intevac closed at $4.29 yesterday, with a 52 week range of $4.15-$9.36.

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