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Mentor Graphics (MENT) PT Lifted to $28 at Needham & Company on 'Strong' Q4

February 27, 2015 6:50 AM EST
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Price: $37.25 --0%

Rating Summary:
    2 Buy, 5 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
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Needham & Company analyst Richard Valera reiterated a Buy rating and boosted his price target on Mentor Graphics (NASDAQ: MENT) to $28.00 (from $26.00) following strong Q4 results and mixed guidance on light emulation.

Valera commented, "Mentor's solid 4QF15 results were driven by strong Automotive and Calibre, offsetting weakness in emulation. However, expectations that near-term orders from MENT's historically largest emulation customer will cease also drove a lighter than expected F16 revenue guide, which the company plans to offset on the bottom line with tight expense controls. We further note that MENT's pending IP litigation against SNPS' Zebu product could serve to change the dynamic at MENT's large emulation customer if MENT is successful. Maintain Buy while increasing PT to $28 (was $26), or an unchanged 14x our new C2016 NG EPS estimate."

The firm trimmed FY 2016 EPS from $1.86 to $1.84 and set FY 2017 EPS at $2.00.

For an analyst ratings summary and ratings history on Mentor Graphics click here. For more ratings news on Mentor Graphics click here.

Shares of Mentor Graphics closed at $24.56 yesterday.



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