Kulicke and Soffa Industries (KLIC) PT Raised to $34 at B.Riley/FBR
B.Riley/FBR raised its price target on Kulicke and Soffa Industries (NASDAQ: KLIC) to $34.00 (from $31.00) while maintaining a Buy rating following the company's 4Q. Results of $215.9MM/$0.51 handsomely beat the Street’s $208.4MM/$0.37.
The near-term picture improves as a sales mid-pt of $190.0MM blew past the Street’s $160.7MM despite a seasonally weaker period. The strength is underpinned by Management’s now more aggressive stance toward the low end of the LED market even as 3D NAND, Automotive, and IoT demand remains robust.