Needham & Company Reiterates a 'Buy' on Electro Scientific Industries (ESIO); Strong Quarter and Backlog
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Price: $29.99 --0%
Rating Summary:
1 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 14 | New: 16
Rating Summary:
1 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 14 | New: 16
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Needham & Company reiterates a 'Buy' on Electro Scientific Industries (NASDAQ: ESIO) price target of $18.00.
Analyst, James Ricchiuti, said, "ESIO registered a second consecutive exceptionally strong bookings quarter, resulting in the highest backlog in six years. Orders were again driven by strong demand in ESIO’s interconnect and micro-fabrication group (IMG) believed to be from the company’s largest customer (Apple (Nasdaq: AAPL)). ESIO also saw modest improvement in its passive components business, although for the near term IMG is likely to remain the principal driver for the company, with semiconductor systems at trough levels. Management provided better than expected guidance for revenues and EPS for the current quarter, albeit with margins remaining at relatively low levels. We expect margins to trend higher over the course of F13, with more significant leverage possible if the semi systems and components businesses recover."
FY13 EPS estimates raised from $0.25 to $0.50. Revenues from $236.7M to $268M.
For an analyst ratings summary and ratings history on Electro Scientific Industries click here. For more ratings news on Electro Scientific Industries click here.
Shares of Electro Scientific Industries closed at $10.78 yesterday.
Analyst, James Ricchiuti, said, "ESIO registered a second consecutive exceptionally strong bookings quarter, resulting in the highest backlog in six years. Orders were again driven by strong demand in ESIO’s interconnect and micro-fabrication group (IMG) believed to be from the company’s largest customer (Apple (Nasdaq: AAPL)). ESIO also saw modest improvement in its passive components business, although for the near term IMG is likely to remain the principal driver for the company, with semiconductor systems at trough levels. Management provided better than expected guidance for revenues and EPS for the current quarter, albeit with margins remaining at relatively low levels. We expect margins to trend higher over the course of F13, with more significant leverage possible if the semi systems and components businesses recover."
FY13 EPS estimates raised from $0.25 to $0.50. Revenues from $236.7M to $268M.
For an analyst ratings summary and ratings history on Electro Scientific Industries click here. For more ratings news on Electro Scientific Industries click here.
Shares of Electro Scientific Industries closed at $10.78 yesterday.
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