Chardan Capital Markets Raises Price Target On Integrated Device Technology On Impressive Q3:15 Results And Guidance
In a report published Tuesday, Chardan Capital Markets analyst Jay Srivatsa reiterated a Buy rating on Integrated Device Technology (NASDAQ: IDTI), and raised the price target from $22.00 to $25.00.
In the report, Chardan Capital Markets noted, “IDTI announced Q3:15 revenues of $151.2 million and non-GAAP EPS of $0.25. Both were well above consensus estimate of $142.7 million and $0.22 respectively. Gross margins improved by 30 bps to 61.5% while operating margins grew 230 bps to 26%. Communications accounted for 52% of Q3:15 revs, largely due to new products, higher ASP and strong 4G infrastructure demand. Computing made up 37% of Q3:15 revenues driven by DDR4 LRDIMM demand with DDR3 demand remaining strong. Consumer accounted for 11% of Q3:14 revenues driven by wireless charging offset by continued weakness in gaming revenues.”
Integrated Device Technology closed on Monday at $18.64.
Latest Ratings for IDTI
Date | Firm | Action | From | To |
---|---|---|---|---|
Oct 2018 | Keybanc | Downgrades | Overweight | Sector Weight |
Sep 2018 | Piper Sandler | Downgrades | Overweight | Neutral |
Sep 2018 | Cowen & Co. | Downgrades | Outperform | Market Perform |
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Posted-In: Chardan Capital Markets Jay SrivatsaAnalyst Color Price Target Analyst Ratings