UPDATE: Needham Reiterates On Exar On Data Compression And Security Pipeline In 2014

In a report published Friday, Needham analyst Vernon Essi reiterated a Buy rating on Exar (NYSE: EXAR) and reiterated a price target of $15.00.

In the report, Needham says "We recently hosted EXAR CEO Lou Dinardo and CFO Ryan Benton on client visits in Southern California. Despite the near-term sentiment setbacks caused by its targeted end customers, namely Teradata (NR) and Cisco (Hold), we believe management put together a strong case for its data compression & security (DCS) pipeline in 2014. Additionally, the Cadeka analog offering should benefit from channel leverage in addition to newly introduced products. We fine-tuned our model to reflect less Q/Q revenue growth in June, offset by improved OPEX. We reiterate our Buy rating and $15 price target."

Exar closed on Thursday at $12.15.