Needham & Company Maintains a 'Buy' on Intevac (IVAC); Good Q2, Just Don't Look At Guidance
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Price: $3.65 +0.27%
Rating Summary:
2 Buy, 5 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 16 | Down: 11 | New: 13
Rating Summary:
2 Buy, 5 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 16 | Down: 11 | New: 13
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Needham & Company maintains a 'Buy' on Intevac (NASDAQ: IVAC) price target of $9.00 (from $10.00).
Analyst, Richard Kugele, said, "What a difference just a few months makes. Last quarter, hope was emerging that orders were just over the horizon, that after crossing the long desert of an order drought, an oasis awaited later in 2012. Unfortunately, the global macro picture has turned the oasis into a mirage. Therefore, we have taken the draconian step of eliminating any orders from 2013 (not guidance) and still find value. In our view, IVAC is a company with solid net cash, a leading IP position in equipment and alternate product opportunities in a number of areas, and the financial strength to await the return of HDD orders."
FY12 EPS estimate cut from (0.23) to (0.66) and FY13 slashed from $0.09 to (0.86). FY12 revs dropped from $125M to $86.9M and FY13 from $168.3M to $91.5M.
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 $5.87 yesterday.
Analyst, Richard Kugele, said, "What a difference just a few months makes. Last quarter, hope was emerging that orders were just over the horizon, that after crossing the long desert of an order drought, an oasis awaited later in 2012. Unfortunately, the global macro picture has turned the oasis into a mirage. Therefore, we have taken the draconian step of eliminating any orders from 2013 (not guidance) and still find value. In our view, IVAC is a company with solid net cash, a leading IP position in equipment and alternate product opportunities in a number of areas, and the financial strength to await the return of HDD orders."
FY12 EPS estimate cut from (0.23) to (0.66) and FY13 slashed from $0.09 to (0.86). FY12 revs dropped from $125M to $86.9M and FY13 from $168.3M to $91.5M.
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 $5.87 yesterday.
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