Needham & Company Reiterates a 'Buy' on Benchmark (BHE), Citing Fundamentals & Valuation; Adjusts Estimates
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Price: $30.44 -0.36%
Rating Summary:
5 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 10 | New: 14
Rating Summary:
5 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 10 | New: 14
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Needham & Company reiterates a 'Buy' on Benchmark (NYSE: BHE) price target of $18.50.
Needham analyst says, "Overall, we still believe the larger BHE story should provide for growth in 2012 (aided by its supercomputer project, a large new computing program, and other new wins) despite broader tech prospects for an underwhelming environment. The impacts from flooding in Thailand will clearly be disruptive near-term, but more temporary in nature and most pronounced in 4Q (although some lingering impact to margins may persist, but we expect the majority of the production revenue opportunities should be offset in 2012). Fundamentally, we remain a Buy with shares trading below tangible book and effectively at working capital (while also considering net cash of $5.35)."
"Our 3Q est. remains $600M & $0.32. 4Q now $540M & $0.17 vs. our prior $620M & $0.37. Pairing back 2012 to $2.46B & $1.26 from $2.55B & $1.45. We view our forward estimates to now be conservative."
For more ratings news on Benchmark click here and for the rating history of Benchmark click here.
Shares of Benchmark closed at $14.51 yesterday.
Needham analyst says, "Overall, we still believe the larger BHE story should provide for growth in 2012 (aided by its supercomputer project, a large new computing program, and other new wins) despite broader tech prospects for an underwhelming environment. The impacts from flooding in Thailand will clearly be disruptive near-term, but more temporary in nature and most pronounced in 4Q (although some lingering impact to margins may persist, but we expect the majority of the production revenue opportunities should be offset in 2012). Fundamentally, we remain a Buy with shares trading below tangible book and effectively at working capital (while also considering net cash of $5.35)."
"Our 3Q est. remains $600M & $0.32. 4Q now $540M & $0.17 vs. our prior $620M & $0.37. Pairing back 2012 to $2.46B & $1.26 from $2.55B & $1.45. We view our forward estimates to now be conservative."
For more ratings news on Benchmark click here and for the rating history of Benchmark click here.
Shares of Benchmark closed at $14.51 yesterday.
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