New PT And Estimates For Atheros

Atheros Communications, Inc. (NASDAQ: ATHR) is expected to meet 3Q revenue guidance as its gaming console market builds, ROCm handset grows, some gains are evident with notebook Wi-Fi, FBR Capital Markets reports.

iPad success is eating into the notebook markets as well as Atheros business, but AR7400 ramping could contribute ~$0.25 to EPS for 2011, according to FBR.

Atheros has also recently closed its Opulan acquisition for $72M, a Chinese CPON optical networking firm whose products fit in nicely with existing powerline and coax business, FBR writes.

FBR maintains its Outperform rating but has lowered the price target to $35.

Atheros Communications closed on Friday at $23.57.