Needham & Company Reinstates Microsemi Corporation (MSCC) at Buy

Needham & Company reinstates coverage on Microsemi Corporation (NASDAQ: MSCC) with a Buy rating and a price target of $36.00.

Analyst :N. Quinn Bolton commented, "Microsemi is a broad-based supplier of analog/mixed-signal and high-reliability semiconductors. We believe that several of Microsemi’s key products, including FPGAs, defense electronics, commercial aerospace, communication timing and synchronization and gateway ICs, are poised for organic growth. Complementing these growth drivers, MSCC has an established track record of executing accretive acquisitions and we are positive on the recent acquisition of Vitesse, which positions Microsemi to benefit from the adoption of Ethernet in carrier, industrial and IoT networks. Finally, Microsemi is a margin expansion story with margins expected to reach management’s 60% GM/30% OM target over the next six quarters. We are re-instating coverage with a Buy rating and increasing our 12-month PT to $36, or 12x our CY16E non-GAAP EPS estimate of $3.03."

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

Shares of Microsemi Corporation closed at $31.67 yesterday.

You May Also Be Interested In

• JMP Securities Starts The RMR Group Inc. (RMR) at Market Perform, 'Pure-Pay'
• RBC Capital Starts Inspire Medical Systems (INSP) at Outperform
• Cohen & Steers (CNS) PT Lowered to $73 at Evercore ISI