Wedbush Downgrades Integrated Device Technology (IDTI) to Neutral on Uncertainty
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Price: $48.99 --0%
Rating Summary:
12 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 10 | New: 6
Rating Summary:
12 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 10 | New: 6
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Wedbush downgraded Integrated Device Technology (NASDAQ: IDTI) from Outperform to Neutral with a price target of $6.00 (from $7.50) following second quarter results.
"While we view IDT's strides with "new" products accounting for 17% of overall revenue in FQ2 up from 14% in FQ1 and recent design win announcements with Qualcomm and Intel for wireless products as positives, we are moving to the sidelines and downgrading IDT to a NEUTRAL rating from an OUTPERFORM," the analyst commented. "We are concerned that the continued uncertainty surrounding the timing of the closing of PLX and the unexpected challenges in computing end markets, particularly with memory interface products, will be near-term headwinds to the stock likely keeping it range-bound."
The firm cut FY13 revenue estimates from $527.3 million to $497.4 million and EPS from $0.29 to $0.24. FY14 revenue estimates were cut from $570.3 million to $514.9 million and EPS from $0.40 to $0.33.
For an analyst ratings summary and ratings history on Integrated Device Technology click here. For more ratings news on Integrated Device Technology click here.
Shares of Integrated Device Technology closed at $5.58 yesterday.
"While we view IDT's strides with "new" products accounting for 17% of overall revenue in FQ2 up from 14% in FQ1 and recent design win announcements with Qualcomm and Intel for wireless products as positives, we are moving to the sidelines and downgrading IDT to a NEUTRAL rating from an OUTPERFORM," the analyst commented. "We are concerned that the continued uncertainty surrounding the timing of the closing of PLX and the unexpected challenges in computing end markets, particularly with memory interface products, will be near-term headwinds to the stock likely keeping it range-bound."
The firm cut FY13 revenue estimates from $527.3 million to $497.4 million and EPS from $0.29 to $0.24. FY14 revenue estimates were cut from $570.3 million to $514.9 million and EPS from $0.40 to $0.33.
For an analyst ratings summary and ratings history on Integrated Device Technology click here. For more ratings news on Integrated Device Technology click here.
Shares of Integrated Device Technology closed at $5.58 yesterday.
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