Needham & Company Reiterates a 'Buy' on IXYS Corporation (IXYS); Dealing Well with the Macro Headwinds
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Price: $23.05 --0%
Rating Summary:
1 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 10 | New: 16
Rating Summary:
1 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 10 | New: 16
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Needham & Company reiterates a 'Buy' on IXYS Corporation (NASDAQ: IXYS) price target of $15.00.
Needham analyst says, "IXYS reported SepQ2 revenue that was below expectations but posted better than expected EPS on OPEX control. IXYS issued guidance for DecQ3 revenue to be down 4% to 8% Q/Q ($93M at the midpoint) which is about 10% below consensus. Bookings dropped dramatically – 34% to $77M – as distributors and customers reign in inventory. Management echoed the industry sentiment that distributors are stocking below consumption rates and that there will be an upward correction at some point. While we are not “counting on that” the orders numbers paint a more disheartening environment than reality. Highlights from the quarter included launching second generation solar and electrical “off-grid” products as well as 1200 volt high power IGBTs for Industrial applications. Taking into account the weaker macro environment and ensuing inventory correction, we have lowered our FY2012 revenue/EPS estimates from $412M/$1.22 to $389M/$1.12, and our FY2013 estimates from $415M/$1.30 to $403M/$1.20."
For more ratings news on IXYS Corporation click here and for the rating history of IXYS Corporation click here.
Shares of IXYS Corporation closed at $13.13 yesterday.
Needham analyst says, "IXYS reported SepQ2 revenue that was below expectations but posted better than expected EPS on OPEX control. IXYS issued guidance for DecQ3 revenue to be down 4% to 8% Q/Q ($93M at the midpoint) which is about 10% below consensus. Bookings dropped dramatically – 34% to $77M – as distributors and customers reign in inventory. Management echoed the industry sentiment that distributors are stocking below consumption rates and that there will be an upward correction at some point. While we are not “counting on that” the orders numbers paint a more disheartening environment than reality. Highlights from the quarter included launching second generation solar and electrical “off-grid” products as well as 1200 volt high power IGBTs for Industrial applications. Taking into account the weaker macro environment and ensuing inventory correction, we have lowered our FY2012 revenue/EPS estimates from $412M/$1.22 to $389M/$1.12, and our FY2013 estimates from $415M/$1.30 to $403M/$1.20."
For more ratings news on IXYS Corporation click here and for the rating history of IXYS Corporation click here.
Shares of IXYS Corporation closed at $13.13 yesterday.
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