Needham & Company Reiterates a 'Buy' on LeCroy (LCRY); Good Start To FY On Stronger Revenues, EPS & Bookings

Needham & Company reiterates a 'Buy' on LeCroy (NASDAQ: LCRY) price target of $17.00.

Needham analyst says, "LCRY jumped off to strong start in F12, reporting better than expected FQ1 revenues and EPS. Bookings for the quarter set another record, and mgmt guided to sequentially higher bookings in the seasonally stronger FQ2 (Dec.). FQ2 revenue and EPS guidance was in line with expectations. LCRY upped its full-year outlook for revenue growth to 12%-15% from 10-12% and expects 17-23% growth in non-GAAP net income. LCRY remains one of the more inexpensive micro-cap names in our universe, trading at less than 7x our F13 EPS estimate."

"We are finetuning our FQ2 non-GAAP EPS estimate to $0.30 from $0.31 on revenues of $50.8M vs. $50.3M previously, which assumes slightly lower gross margins. We are increasing our F12 non-GAAP EPS estimate to $1.19 from $1.16, with revenues expected to reach $203.4M, vs $198.8M previously. We are raising our FY13 EPS estimate to $1.40 from $1.35 on revenues of $219.6M, up from $216M."

For more ratings news on LeCroy click here and for the rating history of LeCroy click here.

Shares of LeCroy closed at $10.12 yesterday.

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