Canaccord Genuity Reiterates a 'Buy' on Standard Microsystems (SMSC); Auto Momentum
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Price: $36.98 --0%
Rating Summary:
3 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 8 | New: 5
Rating Summary:
3 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 8 | New: 5
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Canaccord Genuity reiterates a 'Buy' on Standard Microsystems (NASDAQ: SMSC) price target lowered to $25 (from $33).
Canaccord analyst, Bobby Burleson, said, "SMSC offered weak guidance last night, driven by soft demand for industrial and PC, neither of which should be a surprise considering the character of recent pre-announcements. While we are lowering our estimates and price target to reflect a challenging macro environment, we reiterate a BUY rating on the strong auto product cycle, as broad MOST adoption drives double-digit Q/Q growth with increasing mainstream vehicle deployments."
"Guidance for Q4/C11 (Nov.) calls for revenues of $105M to $110M and EPS of
$0.30 to $0.37. This compares to consensus of $116.4M and $0.44 and our $121M and $0.50. The revenue guidance downside is driven by anticipated weakness in industrial and PC sales."
For more ratings news on Standard Microsystems click here and for the rating history of Standard Microsystems click here.
Shares of Standard Microsystems closed at $20.52 yesterday.
Canaccord analyst, Bobby Burleson, said, "SMSC offered weak guidance last night, driven by soft demand for industrial and PC, neither of which should be a surprise considering the character of recent pre-announcements. While we are lowering our estimates and price target to reflect a challenging macro environment, we reiterate a BUY rating on the strong auto product cycle, as broad MOST adoption drives double-digit Q/Q growth with increasing mainstream vehicle deployments."
"Guidance for Q4/C11 (Nov.) calls for revenues of $105M to $110M and EPS of
$0.30 to $0.37. This compares to consensus of $116.4M and $0.44 and our $121M and $0.50. The revenue guidance downside is driven by anticipated weakness in industrial and PC sales."
For more ratings news on Standard Microsystems click here and for the rating history of Standard Microsystems click here.
Shares of Standard Microsystems closed at $20.52 yesterday.
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