Needham & Company maintains a 'Buy' on Volterra Semiconductor (VLTR); Buyers On Weakness

Needham & Company maintains a 'Buy' on Volterra Semiconductor (NASDAQ: VLTR) price target of $33.00.

Analyst, Vernon Essi, Jr., said, "VLTR reported Q1 revenue 4.5% above consensus and EPS that trumped consensus by $0.04. However, the Q2 guide was perfectly in line with consensus and not enough in our view to warrant incremental buyers; we expect this to be a “sell on the news” quarter. Despite all the Romley enthusiasm, Server revenue was surprisingly in line whereas Notebook revenue, which was going through a transition from the Huron to Chief River architectures, performed better than most expected. GM decreased 80 bps Q/Q, due to the lower GM content in Notebook, though the next-gen Chief River solutions will be built on 0.18μ process and should give GM a lift. We left our revenue/EPS estimates unchanged for 2012 at $192M/$1.60 and adjusted 2013 from $211M/$1.85 to $209M/$1.85. We expect the shares to sell off today and we would be buyers on weakness."

For an analyst ratings summary and ratings history on Volterra Semiconductor click here. For more ratings news on Volterra Semiconductor click here.

Shares of Volterra Semiconductor closed at $31.83 yesterday.

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