Barclays Maintains an 'Equalweight' on LTX-Credence (LTXC); January Likely A Bottom, But Timing of Recovery Remains Uncertain

Barclays maintains an 'Equalweight' on LTX-Credence (NASDAQ: LTXC) price target lowered $1 to $7.

Barclays analyst says, "While results/guide came in a little worse than previously expected, the January outlook does appear to mark a bottom. This said, the rate of recovery remains in doubt and we model losses into the April quarter. Our price target does suggest upside from here, but we continue to expect better outperformance from handset levered test player Teradyne (NYSE: TER)."

"Assuming SOC test market of $2.3B and 8.7% market share in CY11, we model revenues/EPS $200M/$0.45 (old $214M/$0.50, consensus $218M/$0.67). Looking to 2013, we initiate CY13 estimates of $225M/$0.75 led by core assumption of $2.45B SOC test market and 9.0% market share."

For an analyst ratings summary and ratings history on LTX-Credence click here. For more ratings news on LTX-Credence click here.

Shares of LTX-Credence closed at $5.37 yesterday.

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