Market Overview

UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT on Anaren

Related ANEN
Benzinga's M&A Chatter for Monday November 4, 2013
Anaren Agrees to Purchase by Veritas Capital at $28/Share in Cash

In a report published Wednesday, Canaccord Genuity reiterated its Buy rating on Anaren (NASDAQ: ANEN), and slightly raised its price target from $25.00 to $26.00.

Canaccord Genuity noted, “Anaren reported strong Q2/F2013 results with non-GAAP gross margin of 40.2% and pro forma EPS of $0.33 that were above our 37.8%/$0.26 estimates. With a record order backlog exiting Q2/F2013, we believe Anaren's Space & Defense business unit is well positioned to generate 10% annual growth over the next couple years driven by strong Space sales near term and the potential for increased sales to airborne and naval radar Defense applications longer term. While our checks indicate global wireless capital spending remains soft during the seasonally weaker March quarter, we anticipate an increasing LTE mix should drive gradual sales growth for its higher-margin Wireless business unit throughout C2013. We reiterate our BUY rating and increase our price target to $26.”

Anaren closed on Tuesday at $20.02.

Latest Ratings for ANEN

DateFirmActionFromTo
Nov 2013Canaccord GenuityDowngradesBuyHold
Nov 2013Canaccord GenuityDowngradesBuyHold
Jan 2013Canaccord GenuityMaintainsBuy

View More Analyst Ratings for ANEN
View the Latest Analyst Ratings

Posted-In: Canaccord GenuityAnalyst Color Price Target Analyst Ratings

 

Related Articles (ANEN)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters