Piper Jaffray Maintains an 'Outperform' on Cogo Group (COGO); Raises PT & Estimates

February 5, 2010 7:31 AM EST

Piper Jaffray maintains an 'Outperform' rating on Cogo Group, Inc. (Nasdaq: COGO), price target increased from $8.50 to $9.50.

Piper analyst says, "Cogo reported preliminary Q409 pro-forma EPS of $0.19 on revenue of $88M, basically in line with our estimates of $0.19 and $87M. Cogo guided to Q110 sales of $70M-$72M and pro forma EPS of $0.14-$0.15 versus our $72M/$0.14 estimate. Given Cogo's diversified business model, exposure to the Chinese 3G market, and strong expected growth in its higher-margin industrial division, we anticipate accelerating 2010 earnings growth...As such, we are increasing our 2010 Digital Media revenue forecast from $185M to $199M....Revising estimates: Based on Cogo's improving 2010 visibility and growth catalysts, we are increasing our 2010 pro-forma EPS estimate from $0.71 to $0.74 and introducing our 2011 pro forma EPS estimate of $0.80."

To see all the upgrades/downgrades on shares of COGO, visit our Analyst Ratings page.

Cogo Group, Inc. provides customized module design solutions for a diverse set of applications and end markets, serving as a gateway for its technology component suppliers to access electronics manufacturers in China.

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