Needham & Company Starts GSI Group (GSIG) at Buy; Management Executing on Next Stage of Turnaround

Needham & Company initiates coverage on GSI Group (NASDAQ: GSIG) with a Buy. PT $16.00.

Analyst, James Ricchiuti, said, "New mgmt, which took the helm in Dec. 2010, has overseen an impressive turnaround at GSIG, after the company ran aground in the recession following its acquisition of Excel Technologies, a competitor in the laser and photonics market. Adjusted EBITDA totaled $65M in 2011, while GAAP EPS totaled $0.86, the highest level in 6 years...shares are trading at 8x our 2013 EPS estimate and 5x EV/est. 2013 EBITDA, valuation levels that we regard as compelling, given the upside operating leverage that we expect in the next 2 years."

For an analyst ratings summary and ratings history on GSI Group click here. For more ratings news on GSI Group click here.

Shares of GSI Group closed at $11.58 yesterday.

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