Needham & Company Maintains a 'Buy' on Intevac (IVAC); Posts In-Line/Better 3Q; Outlook Remains Scary (No Orders), But Not Unexpected

Needham & Company maintains a 'Buy' on Intevac (NASDAQ: IVAC) price target of $10.00.

Needham analyst says, "While geographically separated from the horrible flooding tragedy in Thailand, IVAC has been indirectly impacted, in our view, by lower overall volumes in the HDD industry at some customers. This ‘air pocket’ may lead to customers outsourcing media production and avoiding near-term increases to capacity to meet share that might shift back later in 2012 as WD recovers. Consequently, we are reducing our 2012 estimates further, but maintain the Buy rating as the stock reflects this risk and currently trades near tangible book of $7.51."

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

Shares of Intevac closed at $8.05 yesterday.

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