Needham & Company Maintain Bullish Views for Newport (NEWP) After 1Q

Needham & Company maintains a Buy rating for Newport Corp. (NASDAQ: NEWP), and raised the price target to $24 (from $23) following a 1Q results.

Needham & Company analyst, James Ricchiuti, commented on NEWP saying, "As expected, bookings stepped down from the record Q4 but grew 5% Y/Y. Mgmt continues to expect double-digit EPS growth for 2015 with the possibility of full-year operating margin nearing the 15% target, which we have NEWP hitting in Q4. While NEWP disclosed that its large semicap OEM has canceled its collaborative development project for a lower-risk current iteration, NEWP's diversification should continue to drive solid mid-single digit growth with significant operating margin expansion. Trading at less than 11x our 2016 non-GAAP EPS est, we expect NEWP shares will continue to move higher in 2015 given the solidbusiness outlook across its major markets."

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

Shares of Newport Corp. closed at $19.17 yesterday.

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