Needham & Company Upgrades Intersil (ISIL) to Buy; Not Taking 'Wait & See' Approach Anymore
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Price: $22.49 --0%
Rating Summary:
6 Buy, 9 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
6 Buy, 9 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company upgraded Intersil (NASDAQ: ISIL) from Hold to Buy with a price target of $13.00.
Analyst, Vernon Essi, Jr, said, "Last week ISIL released details regarding its cost improvement measures that were first discussed at its Investor & Analyst day two weeks ago in conjunction with its “Top 10 Growth Drivers”. ISIL indicated it will undergo an 11% reduction in workforce and estimates $40M in annual OPEX savings. Also, ISIL will take a $9M charge in Q2 associated with the restructuring. We adjusted our model to reflect these changes; our 2013 EPS estimate is increased by $0.30 above our prior estimate of $0.55."
FY12 EPS estimate raised from $0.40 to $0.57 and FY13 raised to $0.85.
For an analyst ratings summary and ratings history on Intersil click here. For more ratings news on Intersil click here.
Shares of Intersil closed at $10.44 yesterday.
Analyst, Vernon Essi, Jr, said, "Last week ISIL released details regarding its cost improvement measures that were first discussed at its Investor & Analyst day two weeks ago in conjunction with its “Top 10 Growth Drivers”. ISIL indicated it will undergo an 11% reduction in workforce and estimates $40M in annual OPEX savings. Also, ISIL will take a $9M charge in Q2 associated with the restructuring. We adjusted our model to reflect these changes; our 2013 EPS estimate is increased by $0.30 above our prior estimate of $0.55."
FY12 EPS estimate raised from $0.40 to $0.57 and FY13 raised to $0.85.
For an analyst ratings summary and ratings history on Intersil click here. For more ratings news on Intersil click here.
Shares of Intersil closed at $10.44 yesterday.
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