Summit Research Raises Price Target to $31 After Inphi Corp. (IPHI) reports 3Q Results

Summit Research reiterated a Buy rating on Inphi Corp. (NYSE: IPHI), and raised the price target to $31.00 (from $24.00), following the company's 3Q15 earnings results. IPHI reported a non-GAAP EPS of $0.25, mostly in-line with consensus of $0.24. 4Q15 non-GAAP EPS was guided to be in the range of $0.25 to $0.27.

Analyst Srini Sundararajan commented, "Revenue in F3Q15 was $62.4M (+2.8% Q/Q) with a non-GAAP GM of 68.4%, and non-GAAP EPS was $0.25. Consensus estimates for C3Q were rev./ non-GAAP EPS of $61.3M/$0.24. For F4Q15, revenues are guided to between down 3% to up 5% sequentially or from $63.3M to $65.6M. To round-out the guidance, non-GAAP GM was guided to 68.5% to 68.7% and non-GAAP EPS was guided to be in the range of $0.25 to $0.27. The respective rev./ non-GAAP EPS consensus estimates were $63.5M/$0.25."

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

Shares of Inphi Corp. closed at $27.99 yesterday.

You May Also Be Interested In

• Morgan Stanley Upgrades Macquarie Group Ltd. (MQG:AU) (MQBKY) to Overweight
• Sage Therapeutics (SAGE) PT Lowered to $17 at Oppenheimer
• UBS Reiterates Neutral Rating on LVMH Moet Hennessy Louis Vuitton SE (MC:FP) (LVMUY)