Thomas Weisel Partners Lowers BTU International (BTUI) Price Target To $6.25

Thomas Weisel Partners analysts Jeff Osborne, Scott Reynolds and Sven Eenmaa maintained their Market Weight rating for shares of BTU International, Inc. (Nasdaq: BTUI), while lowering the price target from $7.50 to $6.25.

The analysts said that although BTU International reported revenue below analyst's expectations, there was evidence that order momentum was likely to accelerate.

The Thomas Weisel Partners analysts wrote that, "BTUI reported revenue of $12.1mn, below our estimate of $15.0mn and consensus of $12.3mn. Gross margins were adversely impacted by a $1.2mn inventory write-off, excluding which the margin performance would have been inline with our expectations. Operating expenses were higher than we had projected as well. As a result, the reported EPS came in ($0.42) below our estimate of ($0.09) and consensus of ($0.16). Company’s commentary on demand and order trends was positive, particularly as related to its electronics business, and management provided 1Q10 revenue guidance of $15.5-16.5mn, above the Street estimate of $13.5mn."