Vimicro (VIMC) PT Lifted to $10 at Needham & Company

Needham & Company analyst Rajvindra S. Gill reiterated a Strong Buy rating and boosted his price target on Vimicro International Corp. (NASDAQ: VIMC) to $10.00 (from $8.00) after the company announced a large order.

Gill commented, "Vimicro, this morning, announced that its 51% JV, Shanxi Zhongtianxin Science and Technology Co, has won a competitive bid worth ~$40MM. The company will provide SVAC-compliant video surveillance cameras and systems to the Taiyuan Municipal Government in the Shanxi province. We believe this is incremental revenue and are consequently raising our estimates and price target for VIMC. In the short term, we see further expansion in the Shanxi and Guangdong provinces providing tailwinds, with the SVAC standard possibly becoming mandatory in other areas in China allowing revenue to further ramp longer term. We are increasing our 2015 revenue and EPS estimates to $150MM/$0.60 from $130MM/$0.30, with a new $10 price target."

For an analyst ratings summary and ratings history on Vimicro International Corp. click here. For more ratings news on Vimicro International Corp. click here.

Shares of Vimicro International Corp. closed at $7.72 yesterday.

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