Canaccord Genuity on Tech Hardware/Semiconductor Devices: Raises PT and Estimates on ALTR & XLNX
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Price: $111.85 --0%
Rating Summary:
4 Buy, 8 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
4 Buy, 8 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity on Tech Hardware/Semiconductor Devices
Analyst, Bobby Burleson, said, "Checks with semiconductor subcontractors show a pick up in FPGA-related orders for CQ2. Sources indicate this is inventory build ahead of an anticipated ramp in LTE base station demand in the H2. Orders to FPGA subcontractors are tracking up 10-15% above Q1 levels, upside to normal mid-single-digit growth. We remain HOLD rated on both Altera (Nasdaq: ALTR) and Xilinx (Nasdaq: XLNX) due to a lack of margin leverage in C2012, while increasing our estimates on stronger H2/C12 wireless infrastructure demand. A sustained and accelerating deployment of carrier capex could prompt us to more constructive rating(s)."
For ALTR: PT raised from $37 to $40; Revenue: Q1/12E remains $425 million; 2012E increased from $1.853 billion to $1.878 billion...EPS: Q1/12E remains $0.36; 2012E increased from $1.70 to $1.74.
For XLNX: PT raised from $35 to $37; Revenue: CQ1/12E remains $531.5 million; C2012E increased from $2.262 billion to $2.293 billion...EPS: CQ1/12E remains $0.40; C2012E increased from $1.78 to $1.83.
Analyst, Bobby Burleson, said, "Checks with semiconductor subcontractors show a pick up in FPGA-related orders for CQ2. Sources indicate this is inventory build ahead of an anticipated ramp in LTE base station demand in the H2. Orders to FPGA subcontractors are tracking up 10-15% above Q1 levels, upside to normal mid-single-digit growth. We remain HOLD rated on both Altera (Nasdaq: ALTR) and Xilinx (Nasdaq: XLNX) due to a lack of margin leverage in C2012, while increasing our estimates on stronger H2/C12 wireless infrastructure demand. A sustained and accelerating deployment of carrier capex could prompt us to more constructive rating(s)."
For ALTR: PT raised from $37 to $40; Revenue: Q1/12E remains $425 million; 2012E increased from $1.853 billion to $1.878 billion...EPS: Q1/12E remains $0.36; 2012E increased from $1.70 to $1.74.
For XLNX: PT raised from $35 to $37; Revenue: CQ1/12E remains $531.5 million; C2012E increased from $2.262 billion to $2.293 billion...EPS: CQ1/12E remains $0.40; C2012E increased from $1.78 to $1.83.
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