Wunderlich Securities: Standard Microsystems Reports Good Quarter

In a research report published this morning, Wunderlich Securities commented on Standard Microsystems'

May quarter results, which reportedly beat Street estimates. According to Wunderlich Securities, "Given the pending acquisition by Microchip (MCHP-NR), the company did not host a call or give guidance in the press release for the August quarter. SMSC is typically one of the first companies to report EPS given the off-month fiscal quarter close and often sets the tone for results from other companies also in the enterprise computing and auto markets. The next event in the progression of the deal is the SMSC shareholder vote scheduled for Tuesday, July 10. We continue to expect the deal to close during the September quarter." Wunderlich Securities maintains its Hold rating and $37 PT on Standard Microsystems, which closed yesterday at $36.82.