Needham Analyst Cuts Price Target For Integrated Device Technology Inc (IDTI)
Analyst Quinn Bolton from Needham & Company maintained a Buy rating on Integrated Device Technology Inc (NASDAQ:IDTI) with a reduced price target of $25, marking a 33% increase from current levels. This rating came after the company’s 1Q earnings report that saw revenues of $192 million and EPS of $0.36. The company overshadowed these positive earnings with lower than expected guidance for 2Q16 revenue, $179-$189 million, and EPS, $0.33. A major reason for the underwhelming guidance is Huawei’s decision to internally source the SRIO switch for its LTE base stations. Nonetheless, Bolton is encouraged “by continued strength in IDTI’s analog/mixed signal products, which tend to be significantly more stable.”
According to TipRanks, Bolton has a success rate of 69% with an average return of 17.6% per recommendation.