Needham & Company Maintanis a 'Buy' on Electro Scientific Industries (ESIO); New Product-Driven Diversification Strategy On Track; Equipment Outlook Remains Bright

Needham & Company maintanis a 'Buy' on Electro Scientific Industries (NASDAQ: ESIO) price target of $16.00.

Needham analyst says, "ESIO took the opportunity in conjunction with its annual investor meeting in NY yesterday to initiate a quarterly dividend of $0.08. The company also topped off its existing share repurchase program, replacing an existing authorization, which had $15M remaining, with a new $20M buyback. ESIO did not update its guidance for the December quarter, although we believe FQ3 is on track with prior guidance. We came away from the meeting comfortable that ESIO will benefit next year from several new products that further expand its diversification beyond the legacy memory repair business."

"We continue to estimate FQ3 loss of $0.04 on revenues of $50M. We are maintaining our F13 EPS estimate at $0.60 on revenues of $290M, with the year likely to be back-end loaded."

For an analyst ratings summary and ratings history on Electro Scientific Industries click here. For more ratings news on Electro Scientific Industries click here.

Shares of Electro Scientific Industries closed at $12.67 yesterday.

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