UPDATE: Stifel Nicolaus Names $27 PT on Supertex Following Investor Meetings

In a report published Thursday, Stifel Nicolaus analyst Tore Svanberg reiterated a Buy rating on Supertex (NASDAQ: SUPX), and named a $27.00 price target.

In the report, Stifel Nicolaus noted, “Near-term, while Supertex did not provide an update to its June quarter guidance, we believe the company is on track toward its targeted $15.5mn revenue (+6.0% q/q). We remind that the company reported 85% of its target revenue booked by its March quarter earnings conference call on May 8. Longer-term, we believe Supertex is well on its way toward reaching its +20% y/y quarterly revenue growth target by F4Q14 (Mar-13). The revenue growth is based on a materially higher engagement rate of its new products with customers and a high rate of design wins with some already in production ramp. Additionally, while Supertex did not detail the growth drivers for growth beyond F4Q14, the company appears committed to a ~$21mn (+20% y/y) F4Q15 revenue target.”

Supertex closed on Wednesday at $23.73.