Needham & Company Maintains a 'Buy' on M/A-COM Technology Solutions (MTSI); Cutting Estimates After Delayed Ramp of Networks Business

Needham & Company maintains a 'Buy' on M/A-COM Technology Solutions (NASDAQ: MTSI) price target lowered from $25 to $22.

Analyst, N. Quinn Bolton, said, "M/A-COM Technology delivered solid results in F2Q12, the first quarter following its IPO, that were in line with our and consensus expectations. Revenue increased 6.1% and GM expanded 413bps Q/Q as A&D sales rebounded sharply and more than offset weaker than expected Network sales. However, with the ramp in Networks revenue effectively delayed by a quarter due to the weak F2Q12 base, management guided F3Q12 revenue, GM and non-GAAP EPS below expectations."

Needham lowers FY12 EPS estimates from $1.10 to $1.03 and FY13 from $1.58 to $1.40.

For an analyst ratings summary and ratings history on M/A-COM Technology Solutions click here. For more ratings news on M/A-COM Technology Solutions click here.

Shares of M/A-COM Technology Solutions closed at $20.01 yesterday.

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