Summit Research reiterated a Buy rating on Inphi Corp. (NYSE: IPHI), and raised the price target to $31.00 (from $24.00), following the company's 3Q15 earnings results. IPHI reported a non-GAAP EPS of $0.25, mostly in-line with consensus of $0.24. 4Q15 non-GAAP EPS was guided to be in the range of $0.25 to $0.27.

Analyst Srini Sundararajan commented, "Revenue in F3Q15 was $62.4M (+2.8% Q/Q) with a non-GAAP GM of 68.4%, and non-GAAP EPS was $0.25. Consensus estimates for C3Q were rev./ non-GAAP EPS of $61.3M/$0.24. For F4Q15, revenues are guided to between down 3% to up 5% sequentially or from $63.3M to $65.6M. To round-out the guidance, non-GAAP GM was guided to 68.5% to 68.7% and non-GAAP EPS was guided to be in the range of $0.25 to $0.27. The respective rev./ non-GAAP EPS consensus estimates were $63.5M/$0.25."

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Shares of Inphi Corp. closed at $27.99 yesterday.