Needham & Company Maintains a 'Buy' on Intevac (IVAC); N-T Guidance Still Reflects Challenges, But Hope On The Horizon
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Price: $3.70 +1.37%
Rating Summary:
2 Buy, 5 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
Rating Summary:
2 Buy, 5 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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Needham & Company maintains a 'Buy' on Intevac (NASDAQ: IVAC) price target of $10.00.
Needham analyst says, "IVAC was a victim first of excess industry capacity and then as collateral damage in the natural disasters of 2011. Now, with the industry beginning to dry out and see its way to higher production levels, preliminary discussions on potential tool orders are encouraging. We maintain our rating and target based on roughly 1.4x tangible book as we believe these potential orders, if realized in backlog, will be a catalyst for the name in mid to late 2012."
"Adjusting our estimates for current industry dynamics and guidance, however we believe investors will be most encouraged by the “soft backlog” that IVAC is suggesting could hit by mid-year as the industry attempts to ramp to meet unfulfilled demand in C4Q and into 2013. Historically, owning IVAC ahead of the orders is best strategy." (FY12 cut from -0.40 to -0.50)
For an analyst ratings summary and ratings history on Intevac click here. For more ratings news on Intevac click here.
Shares of Intevac closed at $8.33 yesterday.
Needham analyst says, "IVAC was a victim first of excess industry capacity and then as collateral damage in the natural disasters of 2011. Now, with the industry beginning to dry out and see its way to higher production levels, preliminary discussions on potential tool orders are encouraging. We maintain our rating and target based on roughly 1.4x tangible book as we believe these potential orders, if realized in backlog, will be a catalyst for the name in mid to late 2012."
"Adjusting our estimates for current industry dynamics and guidance, however we believe investors will be most encouraged by the “soft backlog” that IVAC is suggesting could hit by mid-year as the industry attempts to ramp to meet unfulfilled demand in C4Q and into 2013. Historically, owning IVAC ahead of the orders is best strategy." (FY12 cut from -0.40 to -0.50)
For an analyst ratings summary and ratings history on Intevac click here. For more ratings news on Intevac click here.
Shares of Intevac closed at $8.33 yesterday.
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