Needham & Company Reiterates a 'Buy' on Newport Corp. (NEWP); Ophir Looks To Be A Good Fit With NEWP's Photonics Business
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Price: $6.84 +1.79%
Rating Summary:
3 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
3 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company reiterates a 'Buy' on Newport Corp. (NASDAQ: NEWP), PT $24.
Needham analyst says, "NEWP hosted a conference call on Friday about its planned acquisition of Ophir Optronics, a publicly traded (in Israel) supplier of precision infrared optics, photonics instrumentation and 3D non-contact measurement equipment, for $230M in cash. NEWP expects the acquisition to be accretive immediately. Ophir appears well-positioned in several growth markets, including IR optics, thermal imaging and 3D non-contact measurement (notably the 3D dental CAD/CAM market). NEWP expects the acquisition, which is subject to shareholder approval and normal regulatory approval, to close in Q4 of 2011. We regard the acquisition as a positive development for NEWP, with strong operating synergies and affording the company with a platform to enter several interesting new growth markets. Separately, management reaffirmed its strong Q2 guidance, noting that bookings set a new record while revenues came in at the midpoint of prior guidance...We continue to est. Q2 EPS at $0.38 on rev of $129.5M. We continue to estimate 2012 EPS at $1.50 on revenues of $548M (excluding Ophir)."
For more ratings news on Newport Corp. click here and for the rating history of Newport Corp. click here.
Shares of Newport Corp. closed at $19.15 yesterday.
Needham analyst says, "NEWP hosted a conference call on Friday about its planned acquisition of Ophir Optronics, a publicly traded (in Israel) supplier of precision infrared optics, photonics instrumentation and 3D non-contact measurement equipment, for $230M in cash. NEWP expects the acquisition to be accretive immediately. Ophir appears well-positioned in several growth markets, including IR optics, thermal imaging and 3D non-contact measurement (notably the 3D dental CAD/CAM market). NEWP expects the acquisition, which is subject to shareholder approval and normal regulatory approval, to close in Q4 of 2011. We regard the acquisition as a positive development for NEWP, with strong operating synergies and affording the company with a platform to enter several interesting new growth markets. Separately, management reaffirmed its strong Q2 guidance, noting that bookings set a new record while revenues came in at the midpoint of prior guidance...We continue to est. Q2 EPS at $0.38 on rev of $129.5M. We continue to estimate 2012 EPS at $1.50 on revenues of $548M (excluding Ophir)."
For more ratings news on Newport Corp. click here and for the rating history of Newport Corp. click here.
Shares of Newport Corp. closed at $19.15 yesterday.
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