UPDATE: Stifel Nicolaus Reiterates Buy Rating, Lowers PT on National Instruments Corp. Following 2Q13 Results Report

In a report published Tuesday, Stifel Nicolaus analyst Patrick Newton reiterated a Buy rating on National Instruments Corp. NATI, but lowered the price target from $34.00 to $32.00. In the report, Stifel Nicolaus noted, “NATI reported 2Q13 results well behind our and consensus expectations as decelerating global industrial markets pressured business across multiple geographies and segments with lower revenue negatively impacting GM% (down ~ 390bps q/q) and earnings (pro forma EPS of $0.18 versus our $0.24 estimate). Given this cautious macro backdrop, management provided tepid September quarter guidance with revenue expected to decline 1% q/q at the mid-point, GM% anticipated to rebound 250-300bps sequentially, and pro forma EPS of $0.16 at the mid-point versus our prior expectation of $0.26. Opex was the bright spot in the quarter with management guiding to continued discipline through the remainder of 2013 (roughly $186 million and $181 million in 3Q/4Q, respectively) on headcount controls, resulting in a relatively small reduction in our 2014 estimates.” National Instruments Corp. closed on Monday at $30.52.