Needham & Company Reiterates a 'Buy' on Standard Microsystems (SMSC); Solid Results & Guide with Nominal Japan Impact

Needham & Company reiterates a 'Buy' on Standard Microsystems (NASDAQ: SMSC), PT increased $1 to $35.

Needham analyst says, "SMSC reported strong results for FebQ4 with both revenue and EPS higher than our estimates however the MayQ1 guide was
slightly softer than consensus. Every end market segment except Industrial saw double digit growth on Y/Y basis in FebQ4 highlighted by 29% growth in Automotive. Design wins continue to show strength with most of them in the Automotive segment. Revenue from Computing continues to be strong, buoyed by the commercial PC refresh; PC ODM channel inventory was described as healthy at 3 weeks (up a week Q/Q). Guidance was essentially flat Q/Q due Symwave revenue winding down by about $3M and slight headwind from Japan of $2-3M. This guide is likely to be much better than investors feared heading into the print. We lowered our FY2012 revenue/EPS estimates from $443M/$1.70 to $442M/$1.60, and FY2013 estimates from $478M/$2.10 to $477M/$2.00."

For more ratings news on Standard Microsystems click here and for the rating history of Standard Microsystems click here.

Shares of Standard Microsystems closed at $23.60 yesterday.

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