Needham & Company Reiterates a 'Buy' on FSI International (FSII); Momentum in Single-Wafer Clean Products

Needham & Company reiterates a 'Buy' on FSI International (NASDAQ: FSII) price target raised from $6.00 to $7.50.

Analyst, Y. Edwin Mok, said, "FSII beat F2Q12 (Feb) revenue and earnings, and provided meaningfully higher guidance, beating even the bullish buy-side expectation. Strong momentum behind its single-wafer wet and dry products at multiple customers has driven the upside. Additionally, gross margin is expected to recover in the coming quarter, alleviating one of the concerns regarding this ramp. Based on continued momentum, improved product margins and increased adoption of single-wafer clean processes, we believe FSII will continue to outperform the industry beyond the current quarter."

"We raise our FY12 (Aug) EPS estimate to $0.43 (from $0.28) and adjust FY13E to $0.67 (from $0.68)." (FY12 revs raised from $122 mln to $150 mln and FY13 from $155 mln to $178 mln)

For an analyst ratings summary and ratings history on FSI International click here. For more ratings news on FSI International click here.

Shares of FSI International closed at $4.60 yesterday.

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