UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Volterra Semiconductor Corporation
In a report published Wednesday, Deutsche Bank reiterated its Buy rating on Volterra Semiconductor Corporation (NASDAQ: VLTR), but lowered its price target from $24.00 to $22.00.
Deutsche Bank noted, “Focus shifts to margins. 4Q12 results were largely in-line with company guidance; however VLTR is clearly shifting to focus more on GMs and less on revenue growth in 2013. The company now expects Consumer & Portable revenue to decline in 2013, however the bulk of the decline was already reflected in our estimates. More encouraging the company is on schedule to ramp higher margin Solar PV segment revenue in 2H13. We lower P/T to $22 on lower forward estimates, however we reiterate Buy rating as revenue growth and margins remain among the best in the industry and valuation is compelling.”
Volterra Semiconductor Corporation closed on Tuesday at $16.77.
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