Exar (EXAR) Target, Estimates Cut at Needham & Company

Needham & Company trimmed estimates and its price target on Exar Corp. (NASDAQ: EXAR) from $14 to $13 after the company cut its Q4 outlook. However, the firm is sticking with their Buy rating.

Analyst Vernon Essi, Jr. said, "EXAR pre-announced MarQ4 revenue of $28M, about 10% below the midpoint of its prior $30-32M range. Reasons cited were weakness in its hi-rel amplifier products out of Cadeka, a delay in software licensing revenue that should have closed in MarQ4 and the ongoing well publicized softness in DC&S. With two consecutive misses out of EXAR, this seems to indicate share losses or internal forecasting weaknesses. However, the 2H 2014 outlook remains upbeat and we are giving mgmt the benefit of the doubt."

The firm cut FY 2014 EPS from $0.04 to $0.00 and maintained FY 2015 at $0.16.

For an analyst ratings summary and ratings history on Exar Corp. click here. For more ratings news on Exar Corp. click here.

Shares of Exar Corp. closed at $12.20 yesterday.

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