Needham & Company Raises Estimates on Faro Technologies (FARO); Strong Industry Demand, New Product Ramp Bode Well For Stronger Q2, 2011

Needham & Company reiterates a 'Buy' on Faro Technologies (NASDAQ: FARO), PT increased from $47 to $50.

Needham analyst says, "We believe FARO, a leading supplier of portable 3D measurement and imaging tools and software, is on track for a strong Q2. Our checks suggest that FARO is having difficulty to keep up with the demand for the company's new Focus 3D scanner. We believe the new next-generation portable arm, the FARO Edge, is also off to strong start. Accordingly, we are raising our 2011 and 2012 EPS estimates. FARO remains one of our top names for growth-oriented investors."

"We are increasing our Q2 EPS estimate to $0.27 from $0.25 and full-year EPS estimate to $1.23 from $1.15. Our new estimates assume revenue growth of 24% for Q2, or $56.7M, up from our prior $56.1M estimate, and 23% for the full year, to $236.2M, up from $233M previously. We are also increasing our 2012 EPS estimate to $1.75 from $1.68 on revenues of $280.7M, up from $277M previously."

For more ratings news on Faro Technologies click here and for the rating history of Faro Technologies click here.

Shares of Faro Technologies closed at $43.80 yesterday.

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