Zacks Reiterates Outperform Rating for Microsemi Corp. (MSCC)
Microsemi Corp. (NASDAQ:MSCC)‘s stock had its “outperform” rating restated by Zacks in a research note issued to investors on Friday, Analyst Ratings Network reports. They currently have a $30.00 target price on the stock. Zacks‘ price target suggests a potential upside of 19.43% from the stock’s previous close.
Zacks‘ analyst wrote, “Microsemi Corporation is an OEM of a broad range of high-reliability and analog/mixed signal integrated circuits. First quarter results surpassed the Zacks Consensus Estimate. The company also provided a strong forward guidance. The bulk of revenue comes from stable end markets (defense, aerospace and medical equipment), where Microsemi serves most of the largest players. Microsemi’s compelling products, scope for margin expansion and decent balance sheet are other positives. Additionally, higher projections for the upcoming quarter indicate a better demand environment. We are therefore reiterating our Outperform recommendation on Microsemi shares.”
Microsemi Corp. (NASDAQ:MSCC) traded down 4.06% during mid-day trading on Friday, hitting $24.10. The stock had a trading volume of 390,006 shares. Microsemi Corp. has a 52 week low of $18.96 and a 52 week high of $26.72. The stock has a 50-day moving average of $24.41 and a 200-day moving average of $24.75. The company has a market cap of $2.265 billion and a price-to-earnings ratio of 52.33.
Microsemi Corp. (NASDAQ:MSCC) last announced its earnings results on Thursday, January 23rd. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.02. The company had revenue of $255.60 million for the quarter, compared to the consensus estimate of $241.77 million. During the same quarter in the previous year, the company posted $0.50 earnings per share. The company’s revenue for the quarter was up 3.2% on a year-over-year basis. Analysts expect that Microsemi Corp. will post $2.04 EPS for the current fiscal year.
A number of other firms have also recently commented on MSCC. Analysts at Drexel Hamilton upgraded shares of Microsemi Corp. from a “hold” rating to a “buy” rating in a research note to investors on Thursday. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Microsemi Corp. currently has an average rating of “Buy” and an average target price of $22.38.
Microsemi Corporation (NASDAQ:MSCC) is a designer, manufacturer and marketer of analog and mixed-signal semiconductor solutions differentiated by power, security, reliability and performance.
To view Zacks’ full report, visit www.zacks.com
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.