Chardan Capital Markets Raises Price Target On Integrated Device Technology On Impressive Q3:15 Results And Guidance

In a report published Tuesday, Chardan Capital Markets analyst Jay Srivatsa reiterated a Buy rating on Integrated Device Technology IDTI, and raised the price target from $22.00 to $25.00. In the report, Chardan Capital Markets noted, “IDTI announced Q3:15 revenues of $151.2 million and non-GAAP EPS of $0.25. Both were well above consensus estimate of $142.7 million and $0.22 respectively. Gross margins improved by 30 bps to 61.5% while operating margins grew 230 bps to 26%. Communications accounted for 52% of Q3:15 revs, largely due to new products, higher ASP and strong 4G infrastructure demand. Computing made up 37% of Q3:15 revenues driven by DDR4 LRDIMM demand with DDR3 demand remaining strong. Consumer accounted for 11% of Q3:14 revenues driven by wireless charging offset by continued weakness in gaming revenues.” Integrated Device Technology closed on Monday at $18.64.