Needham & Company Maintains a 'Buy' on Newport Corp. (NEWP); Messy Quarter; Use Dip As Opportunity
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Price: $6.84 +1.79%
Rating Summary:
3 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
3 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company maintains a 'Buy' on Newport Corp. (NASDAQ: NEWP) price target lowered from $25 to $21.
Analyst, James Ricciuti, said, "NEWP’s Q1 results, as expected, were a messy affair, complete with acquisition-related charges and restructuring expense and other non-cash related items. Equally messy were the consensus numbers, a mixture of GAAP and non-GAAP EPS estimates. Add in a modest 3% downward revision in the company’s full-year revenue guidance, and there are all the ingredients for a pullback in the shares at the open. However, a closer look at the quarter reveals many more pluses than minuses, in our view. While Q1 revenues were 2% below our estimate, GAAP EPS were in line with our expectations. The integration of acquisitions of High Q Technologies, Ophir and ILX Lightwave are on track. NEWP recorded record Q1 bookings, helped by a large previously disclosed order at its High Q business. From our vantage point, we would be buyers on any weakness in the stock once the dust settles."
Chops FY12 EPS from $1.08 to $0.71 and FY13 from $1.45 to $1.24.
For an analyst ratings summary and ratings history on Newport Corp. click here. For more ratings news on Newport Corp. click here.
Shares of Newport Corp. closed at $17.29 yesterday.
Analyst, James Ricciuti, said, "NEWP’s Q1 results, as expected, were a messy affair, complete with acquisition-related charges and restructuring expense and other non-cash related items. Equally messy were the consensus numbers, a mixture of GAAP and non-GAAP EPS estimates. Add in a modest 3% downward revision in the company’s full-year revenue guidance, and there are all the ingredients for a pullback in the shares at the open. However, a closer look at the quarter reveals many more pluses than minuses, in our view. While Q1 revenues were 2% below our estimate, GAAP EPS were in line with our expectations. The integration of acquisitions of High Q Technologies, Ophir and ILX Lightwave are on track. NEWP recorded record Q1 bookings, helped by a large previously disclosed order at its High Q business. From our vantage point, we would be buyers on any weakness in the stock once the dust settles."
Chops FY12 EPS from $1.08 to $0.71 and FY13 from $1.45 to $1.24.
For an analyst ratings summary and ratings history on Newport Corp. click here. For more ratings news on Newport Corp. click here.
Shares of Newport Corp. closed at $17.29 yesterday.
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