Needham & Company Lowers PT & Estimates on IXYS Corporation (IXYS); Big Setback as Push-Outs Occurred Late in the Quarter
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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: 23
Rating Summary:
1 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 10 | New: 23
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Needham & Company maintains a 'Buy' on IXYS Corporation (NASDAQ: IXYS) price target lowered from $15 to $14.
Needham analyst says, "IXYS reported DecQ3 revenue materially below expectations and guided to a 5-8% Q/Q growth which is roughly 9% below consensus. Though we expected the channel to be stocking below consumption rates, we did not expect a continued drop of this magnitude. Management cited push-outs that occurred late in the quarter in the months of December and cited a handful of points of weakness – the largest of which is a likely correction that has occurred with Chinese distributors as credit has tightened in the region."
"Nonetheless, we believe investors have supported share prices at the turning point along the bottom; it appears this will be the case for IXYS. In conjunction with the guide, we lowered our FY12 revenue/EPS estimates from $389M/$1.12 to $367M/$1.00, our FY13 estimates from $403M/$1.20 to $387M/$1.10 and introduced our FY14 estimates of $410M/$1.25."
For an analyst ratings summary and ratings history on IXYS Corporation click here. For more ratings news on IXYS Corporation click here.
Shares of IXYS Corporation closed at $13.74 yesterday.
Needham analyst says, "IXYS reported DecQ3 revenue materially below expectations and guided to a 5-8% Q/Q growth which is roughly 9% below consensus. Though we expected the channel to be stocking below consumption rates, we did not expect a continued drop of this magnitude. Management cited push-outs that occurred late in the quarter in the months of December and cited a handful of points of weakness – the largest of which is a likely correction that has occurred with Chinese distributors as credit has tightened in the region."
"Nonetheless, we believe investors have supported share prices at the turning point along the bottom; it appears this will be the case for IXYS. In conjunction with the guide, we lowered our FY12 revenue/EPS estimates from $389M/$1.12 to $367M/$1.00, our FY13 estimates from $403M/$1.20 to $387M/$1.10 and introduced our FY14 estimates of $410M/$1.25."
For an analyst ratings summary and ratings history on IXYS Corporation click here. For more ratings news on IXYS Corporation click here.
Shares of IXYS Corporation closed at $13.74 yesterday.
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