Evercore Group Sees Turnaround Story Just Getting Started For Intersil

In a report published Thursday, Evercore Group analyst Michael Lucarelli reiterated an Overweight rating and $16.00 price target on

. In the report, Evercore Group noted, “We come away more confident in our thesis that mgmt. is surgically executing their turnaround of Intersil into a more profitable and power-focused company. The slightly weaker top-line forecast is product specific (console) and partially intentional (systematic exit of lower margin areas) and does not lessen our expectation of solid growth ahead. "Our confidence is bolstered by mgmt revealing 2015 prospects for the new consumer / PC segment of double digit growth YoY while reiterating market growth plus share gains in I&I and, more importantly, without sacrificing GMs. We reiterate our OW rating and believe Intersil is still in the early stages of the turnaround that will drive solid revenue growth, steadily expand GMs, and unlock leverage that will over time support additional s/h returns.” Intersil closed on Wednesday at $14.04.