Needham & Company Maintains a 'Buy' on ANADIGICS (ANAD); Announces Management Changes
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Price: $0.85 --0%
Rating Summary:
0 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 3
Rating Summary:
0 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 3
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Needham & Company maintains a 'Buy' on ANADIGICS (NASDAQ: ANAD), PT lowered from $8.50 to $6.
Needham analyst says, "Last night after the close, ANADIGICS announced the resignation of Mario Rivas, President and CEO, and Greg White, SVP of RF Products. Though we believe Mr. Rivas and Mr. White each resigned for personal reasons, we nevertheless believe the management change represents a near-term overhang on ANAD shares as investors take a “show me” attitude with respect to the new management team. In light of the management change, a mix shift to EDGE smartphones at the company’s biggest customer (Nasdaq: RIMM) and supply chain uncertainties following the earthquake/tsunami in Japan, we are taking this opportunity to reduce our aggressive 2H11 and 2012 estimates and lower our PT to $6, or 17.5X our cashless 2012 EPS estimate plus net cash per share, from $8.50. However, in the low- to mid-$4 range, we see good value in ANAD shares. As such, we maintain our Buy rating and believe patient investors will be rewarded at current levels."
For more ratings news on ANADIGICS click here and for the rating history of ANADIGICS click here.
Shares of ANADIGICS closed at $4.65 yesterday.
Needham analyst says, "Last night after the close, ANADIGICS announced the resignation of Mario Rivas, President and CEO, and Greg White, SVP of RF Products. Though we believe Mr. Rivas and Mr. White each resigned for personal reasons, we nevertheless believe the management change represents a near-term overhang on ANAD shares as investors take a “show me” attitude with respect to the new management team. In light of the management change, a mix shift to EDGE smartphones at the company’s biggest customer (Nasdaq: RIMM) and supply chain uncertainties following the earthquake/tsunami in Japan, we are taking this opportunity to reduce our aggressive 2H11 and 2012 estimates and lower our PT to $6, or 17.5X our cashless 2012 EPS estimate plus net cash per share, from $8.50. However, in the low- to mid-$4 range, we see good value in ANAD shares. As such, we maintain our Buy rating and believe patient investors will be rewarded at current levels."
For more ratings news on ANADIGICS click here and for the rating history of ANADIGICS click here.
Shares of ANADIGICS closed at $4.65 yesterday.
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