Jefferies Maintains a 'Buy' on M/A-COM Technology Solutions (MTSI); Cutting Numbers After Miss

Jefferies maintains a 'Buy' on M/A-COM Technology Solutions (NASDAQ: MTSI) price target of $21.00 (from $25.00).

Analyst, Mark Lipacis, said, "MTSI missed JunQ EPS by $0.05 due to weaker A&D and guided SepQ 14% below consensus due to a weaker than expected ramp of networking products. We cut our CY13 EPS by $0.42 and price target by $4, but remain buyers given: 1) better YY revenue performance relative to competitors, 2) robust new product pipeline of higher-margin products should translate to higher growth and gross margin expansion of 800 bps through EOCY13."

FY12 EPS estimate lowered from $1.02 to $0.89 and FY13 from $1.36 to $1.05.

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 $16.71 yesterday.

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