Needham & Company Reiterates a 'Buy' on GSI Group (GSIG); Solid Q1, With Strong Bookings as Recovery Signs Showing

Needham & Company reiterates a 'Buy' on GSI Group (NASDAQ: GSIG) price target of $16.00.

Analyst, James Ricchiuti, said, "GSIG after the market close yesterday reported solid Q1 results despite weaker shipments into the microelectronics market and an unexpected delay that pushed the shipment of a large multimillion dollar laser system into Q2. Bookings were strong, with the B-T-B at 1.1. The company is on track with its 12x12 facilities rationalization initiative, which should result in significant EBITDA improvement in the 2H of this year, continuing into 2013. In our view, GSIG shares represent a compelling value relative to its peers in the laser and photonics group, trading at 8x our 2013E EPS and less than 6x EV/TTM estimated 2012 EBITDA."

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 $11.37 yesterday.

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