Barclays Maintains an 'Equalweight' on Integrated Device Technology (IDTI); March Slightly Ahead; Inline June Guide

Barclays maintains an 'Equalweight' on Integrated Device Technology (NASDAQ: IDTI), PT $8.

Barclays analyst says, "IDTI delivered March quarter revenue and EPS slightly ahead of guidance but guided June revenue and EPS inline inline with consensus. Management highlighted that bookings improved QoQ with a book-to-bill above 1 driven by continued strength in servers and wireless infrastructure with PC clocks continuing to fall off as planned. In general, we remain broadly encouraged by management's efforts to refocus away from PC clocks to higher-margin areas in wireless infrastructure and the cloud but we see few near-term catalysts for sector outperformance from this potential value play...We left our June estimate of $153M (+3.9% QoQ)/$0.12 unchanged. CY11E is now $0.52 versus $0.51 prior. CY12E EPS remains $0.66."

For more ratings news on Integrated Device Technology click here and for the rating history of Integrated Device Technology click here.

Shares of Integrated Device Technology closed at $8.22 yesterday.

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