Intevac (IVAC) Price Target Raised Following Better Q2 Earnings - Needham & Company
Needham & Company analyst Richard Kugele boosted his price target on Intevac (NASDAQ: IVAC) from $6 to $8 following Q2 results that were slightly ahead of pre-announced range.
"We are very encouraged by IVAC’s backlog, which currently sits at a 3-year high of over $77M. Ultimately we expect IVAC to see new Lean orders from the likely platter count increases," Kugele said. "Near term, the company’s continued opex/cash burn reduction coupled with its clean balance sheet give us confidence that IVAC can weather the current equipment demand environment. Raising our target to $8 on ~1.5x TBV of $5.24 and reiterating our Buy."
The firm raised FY 2013 EPS from ($0.89) to ($0.81). FY 2014 remains ($0.26).
For an analyst ratings summary and ratings history on Intevac click here. For more ratings news on Intevac click here.
Shares of Intevac closed at $6.21 yesterday, with a 52 week range of $4.06-$6.80.
"We are very encouraged by IVAC’s backlog, which currently sits at a 3-year high of over $77M. Ultimately we expect IVAC to see new Lean orders from the likely platter count increases," Kugele said. "Near term, the company’s continued opex/cash burn reduction coupled with its clean balance sheet give us confidence that IVAC can weather the current equipment demand environment. Raising our target to $8 on ~1.5x TBV of $5.24 and reiterating our Buy."
The firm raised FY 2013 EPS from ($0.89) to ($0.81). FY 2014 remains ($0.26).
For an analyst ratings summary and ratings history on Intevac click here. For more ratings news on Intevac click here.
Shares of Intevac closed at $6.21 yesterday, with a 52 week range of $4.06-$6.80.