Needham & Company Reiterates a 'Buy' on Aviat Networks (AVNW); Positive Tone in Mgmt Meetings
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Price: $22.62 +2.12%
Rating Summary:
8 Buy, 1 Hold, 0 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 10 | Down: 18 | New: 20
Rating Summary:
8 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 18 | New: 20
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Needham & Company reiterates a 'Buy' on Aviat Networks (NASDAQ: AVNW) price target of $3.50.
Analyst, Richard Valera, said, "We hosted CEO Mike Pangia and CFO Ned Hayes of AVNW for investor meetings in NYC and Boston on 3/13-3/14. Overall, we came away incrementally encouraged on the name. Specifically, management appeared confident that revenue had bottomed in the Dec. Q (and we infer that revenue is likely to move upward over the next few Qs, albeit perhaps not linearly). As well, management reiterated their focus on rigorous expense management (with a targeted quarterly op-ex run rate close to $30MM—better than the $32MM we are currently modeling) and improved cash performance (expecting to be CFO neutral/positive over the next few Qs). Given the modest expectations we think are embedded in the current valuation of 0.19x EV/F12E sales, we believe the shares could move higher over the near to medium term on solid execution against these targets."
Needham lowers FY13 EPS estimate from $0.20 to $0.17 and revs from $457.9 mln to $452.7 mln.
For an analyst ratings summary and ratings history on Aviat Networks click here. For more ratings news on Aviat Networks click here.
Shares of Aviat Networks closed at $2.76 yesterday.
Analyst, Richard Valera, said, "We hosted CEO Mike Pangia and CFO Ned Hayes of AVNW for investor meetings in NYC and Boston on 3/13-3/14. Overall, we came away incrementally encouraged on the name. Specifically, management appeared confident that revenue had bottomed in the Dec. Q (and we infer that revenue is likely to move upward over the next few Qs, albeit perhaps not linearly). As well, management reiterated their focus on rigorous expense management (with a targeted quarterly op-ex run rate close to $30MM—better than the $32MM we are currently modeling) and improved cash performance (expecting to be CFO neutral/positive over the next few Qs). Given the modest expectations we think are embedded in the current valuation of 0.19x EV/F12E sales, we believe the shares could move higher over the near to medium term on solid execution against these targets."
Needham lowers FY13 EPS estimate from $0.20 to $0.17 and revs from $457.9 mln to $452.7 mln.
For an analyst ratings summary and ratings history on Aviat Networks click here. For more ratings news on Aviat Networks click here.
Shares of Aviat Networks closed at $2.76 yesterday.
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