Jefferies Cuts Price Target on Cavium Networks (CAVM), Calls New Guidance A Positive Sign
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Price: $86.23 --0%
Rating Summary:
12 Buy, 18 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 18
Rating Summary:
12 Buy, 18 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 18
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Jefferies is reaffirming its Hold rating on shares of Cavium Networks (NASDAQ: CAVM) and is cutting its price target from $36.50 to $32.00.
The company was the 18th, out of 24, semiconductor company who lowered its outlook and the firm believes that this is a sign of the bottoming process. Management cut its Q3 revenue guidance by 7.5 percent and blamed it was due to weaker than expected demand from enterprise markets and weaker revenues from software services.
As a result of the company's new guidance and the firms new outlook, Jefferies has reduced its EPS estimates for 2011-2013 from $1.31, $1.42, and $1.91 to $1.19, $1.18, and $1.56. Revenue for the three years is now forecasted to be $273.6 million, $316.7 million, and $383.9 million.
For more ratings news on Cavium Networks click here and for the rating history of Cavium Networks click here.
Shares of Cavium Networks closed at $31.21 yesterday.
The company was the 18th, out of 24, semiconductor company who lowered its outlook and the firm believes that this is a sign of the bottoming process. Management cut its Q3 revenue guidance by 7.5 percent and blamed it was due to weaker than expected demand from enterprise markets and weaker revenues from software services.
As a result of the company's new guidance and the firms new outlook, Jefferies has reduced its EPS estimates for 2011-2013 from $1.31, $1.42, and $1.91 to $1.19, $1.18, and $1.56. Revenue for the three years is now forecasted to be $273.6 million, $316.7 million, and $383.9 million.
For more ratings news on Cavium Networks click here and for the rating history of Cavium Networks click here.
Shares of Cavium Networks closed at $31.21 yesterday.
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