Needham & Company Reiterates a 'Buy' on Newport Corp. (NEWP); Solid Bookings, With Record Q1 Orders Expected; Good Guidance
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Price: $6.60 -3.65%
Rating Summary:
3 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
Rating Summary:
3 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
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Needham & Company reiterates a 'Buy' on Newport Corp. (NASDAQ: NEWP) price target raised from $18 to $25.
Analyst, James Ricchiuti, said, "NEWP turned in a better than expected Q4, excluding a number of moving parts that added some complexity to the results. Revenues, including sales from Ophir Optronics acquired in early October, rose 21% y/o/y, in line with expectations. Non-GAAP EPS (excluding non-cash amortization of acquisition-related intangibles) came in above consensus. Bookings up 16% y/o/y (B-T-B was 0.94, with record backlog). NEWP expects record Q1 bookings. Mgmt provided better than expected Q1 and 2012 revenue guidance. NEWP shares, which are up 35% Y/T/D, remain attractive, in our view, trading at 11x 2013 EPS estimate."
"We estimate 2012 non-GAAP EPS at $1.32 ($0.96 GAAP) on revenues of $681M, up from $662M previously. We are initiating a 2013 non-GAAP EPS estimate of $1.65 ($1.36 GAAP), with revenues estimated to be up 9% next year to $739M."
For an analyst ratings summary and ratings history on Newport Corp. click here. For more ratings news on Newport Corp. click here.
Shares of Newport Corp. closed at $18.54 yesterday.
Analyst, James Ricchiuti, said, "NEWP turned in a better than expected Q4, excluding a number of moving parts that added some complexity to the results. Revenues, including sales from Ophir Optronics acquired in early October, rose 21% y/o/y, in line with expectations. Non-GAAP EPS (excluding non-cash amortization of acquisition-related intangibles) came in above consensus. Bookings up 16% y/o/y (B-T-B was 0.94, with record backlog). NEWP expects record Q1 bookings. Mgmt provided better than expected Q1 and 2012 revenue guidance. NEWP shares, which are up 35% Y/T/D, remain attractive, in our view, trading at 11x 2013 EPS estimate."
"We estimate 2012 non-GAAP EPS at $1.32 ($0.96 GAAP) on revenues of $681M, up from $662M previously. We are initiating a 2013 non-GAAP EPS estimate of $1.65 ($1.36 GAAP), with revenues estimated to be up 9% next year to $739M."
For an analyst ratings summary and ratings history on Newport Corp. click here. For more ratings news on Newport Corp. click here.
Shares of Newport Corp. closed at $18.54 yesterday.
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