Oppenheimer Maintains Perform Rating for Aeroflex Holding
In a quarterly update published earlier today, Oppenheimer Holdings maintained its Perform rating for Aeroflex Holding Corp. (NYSE: ARX) but did not name a price target.
Oppenheimer went on to say “ARX reported 3Q (Mar.) revs/EPS of $162M/$0.08, well below consensus $173M/$0.16. ATS accounted for nearly all of the shortfall as China infrastructure did not rebound and LTE handsets experienced more push-outs. Mgmt guided 4Q revenues to $180-195M (+16% Q/Q), short of consensus $202M. We believe a sluggish macro environment, coupled with continued LTE handset push-outs are to blame. Chinese infrastructure has yet to turn a corner as well. The disappointing outlook is likely to reinforce investors' ‘show-me' stance regarding ARX estimates and we remain on the sidelines here.”
Aeroflex Holding Corp. closed yesterday at $7.17.
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