Cantor Fitzgerald Reiterates Hold Rating, $3 PT on Mindspeed Technologies
In a report published Friday, Cantor Fitzgerald reiterated its Hold rating and $3.00 price target on Mindspeed Technologies (NASDAQ: MSPD).
Cantor Fitzgerald noted, “On December 3, Mindspeed raised its revenue guidance on the current quarter to $37.5 to $38.5 million compared to prior guidance of $36.5 to $37.5 million. We had been estimating $36.9 million. (Our estimates and the company's guidance exclude $6 million in non-core intellectual property sales that is slated to be reported). The company also said that it expects to reach non-GAAP operating profitability in the current quarter, with gross margins at the high end of its prior guidance of 58-59%. The company cited improved demand in its wireline businesses and progress in the small cell deployment in Korea.”
Mindspeed Technologies closed on Thursday at $4.51.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.