Needham & Company Upgrades ANADIGICS (ANAD) to Buy; Sees a Near Double

November 26, 2012 7:31 AM EST
Get Alerts ANAD Hot Sheet
Price: $0.85 --0%

Rating Summary:
    0 Buy, 6 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 22 | Down: 34 | New: 34
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Needham & Company upgraded ANADIGICS (NASDAQ: ANAD) from Hold to Buy with a price target of $2.50.

"On 11/15, ANAD introduced a new family of single-chip WiFi FEICs. Based on a survey of competing products, we believe ANAD's new WiFi FEICs offer industry-leading performance. Not only do the new WiFi FEICs increase our confidence in our current estimates and convince us that upside to our 2013 estimates is possible, but the ramp of these new products should also reduce cash burn and the risk associated with ANAD's cash position. Accordingly, we now believe the risk/reward profile for ANAD shares has turned more favorable. We are raising our rating on ANAD shares to Buy from Hold and encourage investors interested in turnaround situations or companies poised to deliver upside to current consensus estimates to take a fresh look at ANAD shares."

The firm established a 12-month price target of $2.50, or an enterprise value of approximately 0.80x their 2013 revenue estimate. This is nearly double the current price of $1.29.

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

Shares of ANADIGICS closed at $1.29 yesterday.

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