Needham & Company Maintains a 'Buy' on Standard Microsystems (SMSC); Consumer and Automotive Holding Tough

Needham & Company maintains a 'Buy' on Standard Microsystems (NASDAQ: SMSC) price target raised from $26 to $32.

Analyst, Vernon Essi, Jr, said, "Though FebQ4 weakness was broad-based
across all segments (all declined double digits Q/Q) the MayQ1 guide is built upon growth in all segments with Consumer and Automotive the likely standouts on strong demand and design win activity. SMSC usually serves as a beacon to PC demand due to its off calendar quarter and we would note the tone of the outlook near term was muted, driven by anticipated channel fill tailwind as well as end demand. We reduce our FY13 revenue/EPS estimates from $440M/$1.80 to $431M/$1.75, and introduce FY14 $459M/$2.00."

For an analyst ratings summary and ratings history on Standard Microsystems click here. For more ratings news on Standard Microsystems click here.

Shares of Standard Microsystems closed at $24.23 yesterday.

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