Needham & Company Maintains a 'Buy' on Magma Design (LAVA); Strong 4QF11 Results and Initial F2012 Guidance

Needham & Company maintains a 'Buy' on Magma Design (NASDAQ: LAVA), raises PT by $1 to $8.

Needham analyst says, "In 4QF11, Magma continued its recent run of strong execution, beating our top and bottom line estimates, offering initial F12
guidance that was slightly above our prior estimates and included healthy 20% bookings growth. With a cyclical EDA recovery in effect, we believe the company is positioned to continue to meet or exceed estimates over the near-to-medium term and see potential for continued growth in F12 as the company benefits from a revamped P&R product and growth from several new products."

"We increase our F12 estimates to $158MM and $0.38 NG EPS from $153MM/$0.37. We also meaningfully increase our F13 estimates to $178MM and $0.51 NG EPS from $166MM and $0.44 as we better reflect the company’s strong bookings in F11 and F12 (guidance)."

For more ratings news on Magma Design click here and for the rating history of Magma Design click here.

Shares of Magma Design closed at $6.39 yesterday.

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