Netlist (NLST) Showing Signs of Recovery From Inventory Glut, Roth Capital Reiterates Buy
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Roth Capital analyst Suji Desilva reiterated a Buy rating and $1.50 price target on Netlist (NASDAQ: NLST) after the company reported 4Q20 revenue of $11.5m (+12.5% q/q) ahead of consensus as storage and infrastructure customer ordering patterns continued to recover from the mid-CY20 inventory digestion. Gross margin contracted to 12.7% (-40bps q/q) reflecting greater NAND availability. Management guided for
modest 1Q21 revenue growth coupled with gross margin reflecting stability with improving mix offsetting any pricing trends.
The analyst stated "NLST reported healthy growth and recovery in 4Q20 revenue ahead of consensus reflecting stabilizing storage/memory industry dynamics and recovering data center demand. We believe that NLST’s intermediate-term SSD/hybrid memory opportunity remains healthy and that key litigation catalysts have meaningful upcoming milestones for the company."
Shares of Netlist closed at $0.55 yesterday.
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