Needham & Company Defends AXT, Inc. (AXTI); Softness in China, but See Upside Coming From S.I. GaAs
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Price: $81.64 +5.41%
Rating Summary:
4 Buy, 2 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
4 Buy, 2 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company maintains a 'Buy' on AXT, Inc. (NASDAQ: AXTI) price target of $5.00 (from $6.00).
Analyst, Y. Edwin Mok, said, "AXTI reported better than expected 2Q12 revenue and excluding the one-time VAT charge, adjusted earnings were above Street’s model. While AXTI guided for 3Q12 to decline, we suspect it was largely expected by the buy-side given recent weakness in the stock price and substantial decline in raw material prices. The lowered 3Q guidance is partially due to some softness in China, but we expect S.I. GaAs substrate business to improve based on its customers’ outlook. Despite weakened demand, we expect AXIT to remain profitable and the stock is trading at below its TBV."
FY12 EPS estimate cut from $0.29 to $0.18 and FY13 from $0.48 to $0.26
For an analyst ratings summary and ratings history on AXT, Inc. click here. For more ratings news on AXT, Inc. click here.
Shares of AXT, Inc. closed at $3.43 yesterday.
Analyst, Y. Edwin Mok, said, "AXTI reported better than expected 2Q12 revenue and excluding the one-time VAT charge, adjusted earnings were above Street’s model. While AXTI guided for 3Q12 to decline, we suspect it was largely expected by the buy-side given recent weakness in the stock price and substantial decline in raw material prices. The lowered 3Q guidance is partially due to some softness in China, but we expect S.I. GaAs substrate business to improve based on its customers’ outlook. Despite weakened demand, we expect AXIT to remain profitable and the stock is trading at below its TBV."
FY12 EPS estimate cut from $0.29 to $0.18 and FY13 from $0.48 to $0.26
For an analyst ratings summary and ratings history on AXT, Inc. click here. For more ratings news on AXT, Inc. click here.
Shares of AXT, Inc. closed at $3.43 yesterday.
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